Shares in Synaptics, Incorporated (NASDAQ:SYNA) gained 5.45% Thursday, closing at $65.17, after trading 1.23 million shares.
The company produces a broad range of touch, display, and biometrics products and is a leader in their use as interfaces between humans and intelligent devices.
By integrating touch and display technology into single or two-chip solutions, Synaptics’ TouchView touch and display integration (TDDI) products enable displays to be thinner, lighter and lower cost.
Synaptics, Incorporated (NASDAQ:SYNA)‘s TDDI technology to be used in smartphones
“Synaptics TouchView enables faster time-to-market, lower overall system cost, a simplified supply chain, thinner devices, brighter displays and borderless designs,” Synaptics said. “Patented touch features include support for up to ten fingers, stylus, face detect, low power wake gestures, gloved touch and moisture performance.”
On October 3, the company had revealed that Xiaomi, one of the world’s largest mobile manufacturers, selected its touch and display driver integration (TDDI) technology for its Mi 5s Plus smartphone.
The smartphone will use Synaptics’ TD4322 TDDI solution, which supports Full HD resolution and includes integrated RAM which provides lower power and enables an extended feature-set.
Synaptics, Incorporated (NASDAQ:SYNA) results and rating
The company declared revenue of $323.9 million for its fourth quarter, a decline of 32% year on year. Net income was down 72% year on year to $17.3 million ($0.46 per share).
“Fourth quarter results were generally as anticipated, culminating in fiscal 2016 revenue that was similar to last year, as growth from our TDDI and fingerprint authentication offerings was offset by a challenging market for high-end smartphones and weakness in the PC market,” stated Rick Bergman, President and CEO of the company.
In August, Needham & Co reiterated their Buy rating on Synaptics but cut their price target from $88 to $65.
That target has been achieved yesterday.
Technically, on the daily chart, the stock has broken out from a symmetrical triangle pattern. If it takes out the 200-day SMA at $67, there could a quick jump to $80.