Why Are Synaptics Shares Trading Higher Today?

Synaptics Inc SYNA shares rallied Friday following better-than-expected Q4 results from the company Thursday evening.

Synaptics reported quarterly earnings of $2.18 per share on sales of $327.8 million.

Analysts had expected the company to report EPS of $2 on sales around $324.5 million.

Synaptics expects Q1 2022 sales between $355 million and $385 million. The analyst consensus estimate is for Q1 2022 sales near $350 million.

Company President and CEO, Michael Hurlston, said, "Synaptics completed fiscal year 2021 with terrific results, including several financial records for the company, most significant of which were record GAAP and non-GAAP gross margins in the June quarter. In addition, we made progress throughout the year tilting our portfolio toward our IoT products which now represent more than 50% of our overall revenue."

Following the earnings report, analysts at KeyBanc and Needham raised their price targets on the stock. KeyBanc's John Vinh set a $190 price target on Synaptics shares. Needham's Rajvindra Gill set a $220 price target. Both analysts maintain the equivalent of a Buy rating on Synaptics shares.

Shares of Synaptics last traded at $170.135, up about 16% from Thursday's close.