Synopsys Inc. (SNPS) Posts Earnings Results
Synopsys Inc. (NASDAQ:SNPS) issued its quarterly earnings data on Wednesday. The company reported $0.77 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.77. The company earned $633.70 million during the quarter, compared to analysts’ expectations of $628.39 million. Synopsys had a return on equity of 12.15% and a net margin of 10.27%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the business earned $0.67 earnings per share. Synopsys updated its Q1 guidance to 0.77-0.80 EPS.
Synopsys (NASDAQ:SNPS) traded down 1.13% during trading on Wednesday, hitting $60.48. The stock had a trading volume of 1,574,139 shares. Synopsys has a 52 week low of $39.26 and a 52 week high of $62.00. The company has a 50-day moving average of $59.60 and a 200 day moving average of $56.33. The company has a market cap of $9.15 billion, a price-to-earnings ratio of 38.57 and a beta of 0.88.
SNPS has been the subject of a number of research analyst reports. RBC Capital Markets reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Synopsys in a report on Tuesday, November 1st. Zacks Investment Research cut Synopsys from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 25th. KeyCorp lifted their price target on Synopsys from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Thursday, August 18th. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price target (up from $64.00) on shares of Synopsys in a report on Wednesday, October 12th. Finally, Credit Suisse Group AG initiated coverage on Synopsys in a report on Wednesday, October 19th. They issued an “outperform” rating and a $68.00 price target for the company. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $64.10.
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In other news, Director Alfred Castino sold 10,000 shares of the stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $58.44, for a total transaction of $584,400.00. Following the transaction, the director now owns 27,982 shares of the company’s stock, valued at approximately $1,635,268.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Brian M. Beattie sold 63,125 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $59.18, for a total value of $3,735,737.50. Following the transaction, the executive vice president now directly owns 74,500 shares in the company, valued at approximately $4,408,910. The disclosure for this sale can be found here. Insiders own 1.62% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlueMountain Capital Management LLC bought a new position in shares of Synopsys during the second quarter worth approximately $879,000. OMERS ADMINISTRATION Corp increased its stake in shares of Synopsys by 150.7% in the second quarter. OMERS ADMINISTRATION Corp now owns 50,400 shares of the company’s stock valued at $2,726,000 after buying an additional 30,300 shares during the last quarter. Sei Investments Co. increased its stake in shares of Synopsys by 23.2% in the second quarter. Sei Investments Co. now owns 164,098 shares of the company’s stock valued at $8,875,000 after buying an additional 30,898 shares during the last quarter. Comerica Bank increased its stake in shares of Synopsys by 1.3% in the second quarter. Comerica Bank now owns 115,780 shares of the company’s stock valued at $6,425,000 after buying an additional 1,438 shares during the last quarter. Finally, GAM Holding AG increased its stake in shares of Synopsys by 35.6% in the second quarter. GAM Holding AG now owns 21,483 shares of the company’s stock valued at $1,162,000 after buying an additional 5,636 shares during the last quarter. 90.60% of the stock is currently owned by institutional investors and hedge funds.
Synopsys Company Profile
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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