Synaptics (SYNA) is back in focus after Chief Financial Officer Ken Rizvi resigned, effective 20 August 2026, as the company prepares for its pending all stock merger with onsemi.

The latest CFO change and ongoing insider tax-related share sales come at a time when Synaptics' share price has pulled back sharply in recent weeks, with a 30 day share price return of down 17.1% and a 90 day share price return of down 36.5%, even though the year to date share price return is up 23.7% and the 1 year total shareholder return is up 33.1%. Recent momentum has clearly faded after a stronger run earlier in the year.

If this merger story has you thinking more broadly about where to allocate capital in chip related AI, it could be worth scanning 55 AI infrastructure stocks

Synaptics has a clear role in edge AI and IoT, yet the stock has shifted from a strong 1 year gain to a sharp recent pullback just as the onsemi deal progresses. Do those fundamentals line up with the current price?

Most Popular Narrative: 32.7% Undervalued

The most followed Synaptics narrative pegs fair value at $139.22 per share, well above the last close of $93.68. This sets up a very growth heavy story.

The launch and initial customer traction of native Edge AI processors (Astra family, featuring Google Research collaboration and neural transformer support) targets the growing shift toward on-device processing for AI workloads, potentially establishing Synaptics as a key supplier for next-gen IoT applications and improving both revenue growth and product differentiation.

It is worth examining how Synaptics might move from current losses to that higher fair value. The narrative leans on faster revenue, sharply better margins, and a lofty future earnings multiple.

Result: Fair Value of $139.22 (UNDERVALUED)

However, you also need to weigh clear risks, including execution challenges in scaling Synaptics' Core IoT and Edge AI strategy, and the possibility that integration missteps or tougher competition could pressure margins and limit the upside implied by this bullish narrative.

Another View On Synaptics Using Cash Flows

The most popular Synaptics story leans on analyst targets and future earnings multiples. Our DCF model tells a different story. It puts fair value at about $80.49 per share, which is below the recent $93.68 price and therefore points to Synaptics as overvalued on this method. Which set of assumptions do you find more realistic?

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Synaptics for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 49 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

With Synaptics pulling in both risk and reward narratives right now, it makes sense to move quickly and test the assumptions yourself. To weigh the trade off between those concerns and opportunities in one place, start with the 2 key rewards and 1 important warning sign.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.