Shares of Synaptics Incorporated (NASDAQ:SYNA) have garnered an average target price of $87.88 from fourteen brokerages monitoring the stock. According to a report from MarketBeat, the consensus recommendation among analysts is a “Moderate Buy.” The breakdown of ratings includes one sell, two hold, nine buy, and two strong buy ratings.
Recent evaluations by various analysts reflect a positive outlook for Synaptics. Oppenheimer reiterated a “market perform” rating on December 16, while TD Cowen raised its price target from $80.00 to $90.00 on November 7, affirming a “buy” rating. Additionally, Zacks Research upgraded Synaptics from a “strong sell” to a “hold” rating on September 15. Rosenblatt Securities maintained a “buy” rating and set a target price of $95.00 on November 11, and Northland Capital Markets elevated its rating to “strong buy” on December 2.
Institutional Investment Trends
A notable trend in Synaptics’ stock is the recent activity among institutional investors. During the third quarter, CIBC Bancorp USA Inc. acquired a new stake worth approximately $280,000. Meanwhile, Dark Forest Capital Management LP increased its stake by 66.6%, owning 89,338 shares valued at about $6.1 million after purchasing an additional 35,705 shares. Other significant transactions include XTX Topco Ltd, which invested around $700,000, and Qube Research & Technologies Ltd, which acquired shares worth $1.69 million.
Currently, approximately 99.43% of Synaptics’ stock is held by hedge funds and institutional investors, indicating strong support from these entities.
Stock Performance and Financial Results
On the stock market, Synaptics opened at $74.12 on the latest trading day. The company boasts a market capitalization of $2.89 billion and has a price-to-earnings ratio of -63.90. Its performance metrics include a 50-day moving average of $70.12 and a 200-day moving average of $68.22.
In its most recent quarterly earnings report, released on November 6, Synaptics reported earnings of $1.09 per share, surpassing the consensus estimate of $1.06 by $0.03. The company generated revenue of $292.50 million, also exceeding analysts’ expectations of $289.93 million. The year-on-year revenue increase was 13.5%, compared to the same quarter last year when the company reported earnings of $0.81 per share. For the upcoming quarter, Synaptics has projected earnings per share between $1.00 and $1.30, with analysts predicting an average of $0.96 for the current fiscal year.
Synaptics Incorporated is recognized as a global leader in developing human interface solutions across various technology sectors, including computing, networking, and entertainment. The firm specializes in creating custom chips and software that enable intuitive user interactions, supporting touch, display, audio, and biometric functionalities.
As investors and analysts closely monitor Synaptics, the company’s ability to navigate market challenges and capitalize on growth opportunities will be crucial in shaping its future trajectory.
