Synaptics (NASDAQ:SYNA) Earns Buy Rating from Analysts at Needham & Company LLC

Equities research analysts at Needham & Company LLC initiated coverage on shares of Synaptics (NASDAQ:SYNA) in a research note issued to investors on Friday. The brokerage set a “buy” rating and a $80.00 price target on the software maker’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 33.71% from the company’s current price.

A number of other brokerages also recently commented on SYNA. Mizuho decreased their target price on Synaptics from $90.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Susquehanna upped their price objective on Synaptics from $95.00 to $105.00 and gave the stock a “positive” rating in a research note on Wednesday, January 22nd. Craig Hallum upgraded Synaptics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 29th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $105.00 price target on shares of Synaptics in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $93.75.

Synaptics Price Performance

Shares of SYNA opened at $59.83 on Friday. Synaptics has a 52 week low of $41.80 and a 52 week high of $98.00. The company has a current ratio of 3.88, a quick ratio of 3.36 and a debt-to-equity ratio of 0.60. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 14.14 and a beta of 1.67. The stock has a 50 day moving average of $57.30 and a 200-day moving average of $69.82.

Synaptics (NASDAQ:SYNA) last released its earnings results on Thursday, May 8th. The software maker reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.05. Synaptics had a net margin of 16.73% and a return on equity of 1.61%. The firm had revenue of $266.60 million during the quarter, compared to analyst estimates of $265.03 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, analysts forecast that Synaptics will post 0.96 EPS for the current year.

Insider Activity at Synaptics

In other news, insider Ken Rizvi bought 3,600 shares of the business’s stock in a transaction on Monday, February 10th. The stock was purchased at an average cost of $69.15 per share, for a total transaction of $248,940.00. Following the completion of the transaction, the insider now directly owns 27,630 shares of the company’s stock, valued at approximately $1,910,614.50. This trade represents a 14.98 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Synaptics

Several institutional investors have recently modified their holdings of the company. Toronto Dominion Bank bought a new stake in Synaptics in the fourth quarter worth about $152,895,000. Norges Bank bought a new stake in shares of Synaptics in the 4th quarter worth approximately $43,481,000. Groupama Asset Managment acquired a new stake in Synaptics during the fourth quarter valued at approximately $38,160,000. Segall Bryant & Hamill LLC bought a new stake in Synaptics during the first quarter worth approximately $31,801,000. Finally, TimesSquare Capital Management LLC grew its position in Synaptics by 46.0% in the fourth quarter. TimesSquare Capital Management LLC now owns 526,335 shares of the software maker’s stock worth $40,170,000 after buying an additional 165,866 shares during the last quarter. Institutional investors and hedge funds own 99.43% of the company’s stock.

About Synaptics

Synaptics Incorporated develops, markets, and sells semiconductor products worldwide. The company offers AudioSmart for voice and audio processing; ConnectSmart for high-speed video/audio/data connectivity; DisplayLink for transmitting compressed video frames across low bandwidth connections; VideoSmart that enables set-top boxes, over-the-top, streaming devices, soundbars, surveillance cameras, and smart displays; and ImagingSmart solutions.