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Synaptics (SYNA) Launches New Products to Expand Portfolio

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Synaptics Incorporated (SYNA - Free Report) recently launched its Astra platform, along with SL-Series of embedded AI-native Internet of Things (IoT) processors and the Astra MachinaTM Foundation Series development kit. The latest product launches signify the company’s commitment to expanding its portfolio in the IoT space.

The products will serve developers in integrating AI capabilities into their products without depending on data centers. Moreover, the SL-Series processors are designed to provide developers with high computational capabilities while maintaining low power consumption. Together, these products offer developers flexibility and scalability, allowing the products to be deployed across applications designed for consumer, enterprise and industrial markets.

Moreover, the SL-Series processors come with multi-core Linux or Android systems on chips (SoCs), which are based on Arm CortexA-series CPUs and include hardware accelerators for edge inferencing and multimedia processing on audio, video, vision, image, voice and speech.

The Astra Machina Foundation Series development kit supports the SL-Series processors, aiding both novices and experts in unlocking the processors' AI capabilities, processing power, graphics performance and wireless connectivity.

Synaptics is focusing on investing in its Core IoT products that account for its wireless and processor product revenues. SYNA is witnessing the normalization of channel inventory in the wireless division. Moreover, Synaptics’ inventory levels of PC, wireless and mobile product divisions are also getting normal over time.

Yet, the company encounters challenges amid global economic uncertainty and reduced worldwide demand. Additionally, inventory accumulation persists in the enterprise sector, with slower-than-anticipated movement. This slowdown in enterprise IT spending has particularly affected higher-margin segments of SYNA’s business.

Zacks Rank and Stocks to Consider

Currently, Synaptics carries a Zacks Rank #3 (Hold). Shares of SYNA have lost 8.8% in the past year.

Some better-ranked stocks from the broader technology sector are NVIDIA (NVDA - Free Report) , Bentley Systems (BSY - Free Report) and Bill Holdings (BILL - Free Report) . While NVDA and BSY sport a Zacks Rank #1 (Strong Buy) each, BILL carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for NVIDIA’s 2024 earnings per share has been revised upward by 4 cents to $23.84 in the past seven days. Shares of NVDA have skyrocketed 231% in the past year.

The Zacks Consensus Estimate for Bentley Systems' 2024 earnings per share has been revised upward by 3 cents to $1.02 in the past 60 days. Shares of BSY have gained 17.7% in the past year.

The Zacks Consensus Estimate for Bill Holdings’ 2024 earnings per share has been revised 32 cents northward to $2.44 in the past 60 days. Shares of BILL have lost 16.2% in the past year.

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