This Stock Has Doubled in a Year, and It Is About to Fly Higher

Shares of Synaptics Inc (NASDAQ: SYNA) have rewarded investors handsomely over the past year. The company's shift from the commoditized smartphone chip business to the Internet of Things (IoT) has worked wonders, leading to a sharp increase in margins and earnings, which has translated into terrific stock market gains.

Investors who have missed the Synaptics gravy train so far shouldn't be disappointed; the chipmaker has strong catalysts that could help it sustain its stock market momentum. However, it may be a good idea to buy Synaptics before its fiscal 2022 first-quarter earnings report that will be released after the bell on Nov. 4. A strong set of numbers and robust guidance could make this tech stock expensive.

Let's look at the reasons Synaptics remains a top growth stock to buy right now even though it has more than doubled in the past year.

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Source Fool.com