Thu, Aug. 25, 5:33 PM
Mon, Aug. 1, 1:21 PM
- Needham & Company analyst Rajvindra Gill restated a Buy rating on Synaptics (SYNA +6.5%) last Friday, though reduced his price target to $65 down from $88 (current price $55.48).
- He feels the company's OLED display driver integrated circuit product roadmap is solid but is uncertain regarding whether or not Synaptics will secure a win from Apple to supply components for next year's rumored iPhone 8.
- Gill sees Synaptics on track to realize commercial OLED production sometime next year, an element positioned to see increased smartphone-maker demand going forward.
- He slightly raised his FY 17 revenue estimate to $1.635B and EPS estimate to $5.55.
- Synaptics is up around 8% since last Friday, a day after reporting Q4 and FY 16 resutls.
Thu, Jul. 28, 4:19 PM
Wed, Jul. 27, 5:35 PM
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Fri, Jun. 17, 3:00 PM
Fri, Jun. 17, 12:47 PM
Fri, Jun. 17, 11:00 AM
- Synaptics (SYNA -9.8%) has carried out layoffs impacting 160 employees, or 9% of its workforce. It's also implementing a "space consolidation program" at certain locations. (8-K filing)
- The company expects $10M-$11M in charges related to the layoffs, and $3M-$4M in charges related to the office closings. CEO Rick Bergman is temporarily cutting his base salary by 20%, and various other execs by 10%.
- The moves come less than two months after Synaptics, stung by weak iPhone and PC sales, tumbled due to an FQ3 miss and weak FQ4 guidance. The company was recently reported to no longer be in buyout talks with a Chinese investor group.
Tue, Jun. 7, 2:34 PM
- Bloomberg reports Synaptics (SYNA -1.4%) is no longer in active buyout talks with the Chinese group that was previously reported to have discussed a $110/share deal.
- The April selloff seen after Synaptics missed FQ3 estimates and offered weak FQ4 guidance reportedly "caused the two sides to take a break from deal talks due to differences in perceived valuation." Talks could potentially restart after Synaptics' FQ4 report.
- Synaptics currently trades slightly above $65, and is valued at just 12x an FY17 (ends June '17) EPS consensus of $5.26.
Fri, Apr. 29, 9:12 AM
- Gainers: PRGN +75%. GNW +16%. P +13%. AMZN +12%. SDRL +11%. EXPE +11%. MNST +11%. ROVI +10%. SNMX +9%. LNKD +7%. CRC +7%. DNR+7%. DRYS +7%. TIVO +6%. LGCY +6%. SHPG +5%. GPL +5%.
- Losers: BIOC -22%. GLNG -17%. EPAY -17%. MOH -15%. SRCL -15%. IMGN -14%. SYNA -11%. AKS -8%. HCLP -8%. ALR -6%. GILD -6%. RXDX -6%.
Thu, Apr. 28, 6:23 PM
- Synaptics' (NASDAQ:SYNA) FQ3 miss is accompanied by FQ4 sales guidance of $300M-$340M, far below a $478.6M consensus.
- Meanwhile, the company hasn't announced any kind of M&A transaction with its results. Bloomberg reported on April 14 Synaptics remains in talks with a Chinese group regarding a $110/share deal, and is hoping to make an announcement with its FQ3 report. The news service followed up today by reporting talks are ongoing, and that Synaptics "may accept a lower offer." The Chinese group's potential bid has reportedly dropped to $100/share.
- CEO Rick Bergman: "Our [FQ3] results were impacted by significant reductions in demand within the high-end smartphone market in March, particularly for our display driver solutions, in addition to weakness in the PC market. Given the magnitude of the demand reductions we saw late in [FQ3], the current macro environment and existing supply chain inventory, we have taken a cautious approach to [FQ4] guidance, in anticipation that the level of product currently in the supply chain will be sufficient to meet the reduced demand for our display driver products from high-end smartphone OEMs." That last part is almost certainly a reference to major LCD driver IC client Apple, which issued soft guidance on Tuesday.
- Mobile revenue (touch controllers, LCD drivers, fingerprint sensors) fell 15% Y/Y to $354.2M. PC revenue (touchpads, fingerprint sensors) fell 20% to $48.3M. Gross margin rose 130 bps Y/Y to 39.2%. Synaptics ended FQ3 with $406M in cash and $235M in debt.
- SYNA -11.8% after hours to $71.50. Shares fell 5.6% in regular trading ahead of earnings, thanks in part to Bloomberg's report.
- Synaptics' FQ1 results, earnings release
Thu, Apr. 28, 5:35 PM
Thu, Apr. 28, 4:21 PM
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Thu, Apr. 14, 10:50 AM
- Bloomberg reports Synaptics (SYNA +10.7%) is still in buyout talks with a state-backed Chinese buyout group on a $110/share sale, and that the company is targeting a deal announcement that would coincide with its FQ3 report (expected at month's end).
- The news service previously reported on Synaptics buyout overtures from a Chinese group in January and last September. Regulators have been giving considerable scrutiny in recent months to attempts by Chinese firms to acquire U.S. tech companies.
- Shares are near their highest levels since November. But (perhaps due to regulatory concerns) they're still 19% below the rumored buyout price.
Thu, Mar. 17, 2:25 PM
- Synaptics (SYNA -1%) can maintain its current touch controller position, grow fingerprint sensor sales, and open up a new market through its TDDI (integrated touch controller/display driver) offerings, argues BMO's Tim Long (Outperform rating). His target has been hiked by $15 to $100.
- The note comes nine days after Rosenblatt Securities' Jun Zhang launched coverage with a Buy rating. He cited strong design win traction with Huawei and the ASP boost provided by a mix shift towards TDDI ICs and on-cell OLED touch controllers.
- Zhang: "In total, we believe Huawei could contribute 15-17M units of fingerprint sensor shipments, and $40M and $150M of revenue for Synaptics in C2016 and C2017 ... We see TDDI ASP to be around $2.70-$3.00, which will help improve Synaptics’ blended ASP and overall gross margin. We think TDDI shipments will be around 30-40M units in 2H16 ... In comparison to in-cell touch IC, we believe AMOLED panel touch ICs have a higher ASP and better gross margins, in which Synaptics so far is the [dominant] player in the market."
Tue, Feb. 16, 3:05 PM
- Plenty of tech companies are posting outsized gains on a day the Nasdaq is up 2%. Not surprisingly, many of the standouts are companies that have been hammered since New Year's.
- Notable gainers include action camera leader GoPro (GPRO +12.9%) and GoPro video processor supplier Ambarella (AMBA +6.2%), threat-prevention tech provider FireEye (FEYE +11.2%), supercomputer maker Cray (CRAY +19.5%), chip packaging/testing firm ChipMOS (IMOS +17.8%), point-of-sale hardware/software firm NCR (NCR +9.7%), Web hosting/domain registration firm GoDaddy (GDDY +9%), and driver-assistance system provider Mobileye (MBLY +7.4%). FireEye fell on Friday in the wake of its Q4 report.
- Other big gainers: RF chipmakers Skyworks (SWKS +6.4%) and Qorvo (QRVO +8.9%), 4G modem/M2M module maker Sierra Wireless (SWIR +8%), microcontroller/flash memory maker Cypress Semi (CY +7.5%), microphone maker Knowles (KN +8%), inventory-tracking hardware firm Zebra Technologies (ZBRA +8.5%), cloud HR software firm Paylocity (PCTY +7.8%), cloud collaboration/chat software firm Atlassian (TEAM +10.5%), touch controller/display driver vendor Synaptics (SYNA +7.8%), and online P2P lender LendingClub (LC +14.2%). LendingClub rallied last week after posting a Q4 beat and announcing a $150M buyback.
- Previously covered: Solar stocks, Chinese tech stocks, Groupon, Sonus, Black Box, Canadian Solar, Palo Alto Networks, Qualcomm
Synaptics, Inc. is engaged in developing and supplying of custom-designed human interface solutions that enable people to interact with mobile computing, communications, entertainment and other electronic devices. The company currently targets the personal computer market, primarily notebook... More
Industry: Computer Peripherals
Country: United States