Synopsys Inc. (SNPS) Updates Q1 Earnings Guidance
Synopsys Inc. (NASDAQ:SNPS) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.77-0.80 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.75. The company issued revenue guidance of $630-$645 million, compared to the consensus revenue estimate of $609.13 million.
Synopsys Inc. (NASDAQ:SNPS) traded down 1.13% during midday trading on Wednesday, hitting $60.48. 1,574,139 shares of the stock traded hands. The stock has a 50-day moving average of $59.60 and a 200 day moving average of $56.33. The firm has a market cap of $9.15 billion, a PE ratio of 38.57 and a beta of 0.88. Synopsys Inc. has a 52-week low of $39.26 and a 52-week high of $62.00.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, November 30th. The company reported $0.77 EPS for the quarter, meeting analysts’ consensus estimates of $0.77. The firm earned $633.70 million during the quarter, compared to analyst estimates of $628.39 million. Synopsys had a net margin of 10.27% and a return on equity of 12.15%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.67 EPS. Equities analysts forecast that Synopsys Inc. will post $3.02 EPS for the current year.
Several research analysts recently issued reports on the stock. Benchmark Co. reiterated a hold rating and issued a $60.00 target price on shares of Synopsys in a research report on Wednesday, November 9th. RBC Capital Markets reiterated an outperform rating and issued a $66.00 target price on shares of Synopsys in a research report on Saturday, October 15th. Needham & Company LLC upped their target price on shares of Synopsys from $54.00 to $60.00 and gave the stock a buy rating in a research report on Thursday, August 18th. DA Davidson upped their target price on shares of Synopsys from $60.00 to $64.00 and gave the stock a buy rating in a research report on Thursday, August 18th. Finally, Zacks Investment Research lowered shares of Synopsys from a strong-buy rating to a hold rating in a research report on Tuesday, October 25th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $64.10.
In other news, Director Alfred Castino sold 10,000 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $58.44, for a total transaction of $584,400.00. Following the completion of the transaction, the director now directly owns 27,982 shares of the company’s stock, valued at $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 company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $59.18, for a total transaction of $3,735,737.50. Following the transaction, the executive vice president now directly owns 74,500 shares of the company’s stock, valued at $4,408,910. The disclosure for this sale can be found here. Insiders own 1.62% of the company’s stock.
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Several institutional investors have recently modified their holdings of the stock. BlueMountain Capital Management LLC purchased a new position in shares of Synopsys during the second quarter valued at approximately $879,000. OMERS ADMINISTRATION Corp increased its position 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 period. Sei Investments Co. increased its position 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 period. Comerica Bank increased its position 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 period. Finally, GAM Holding AG increased its position 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 period. 90.60% of the stock is owned by hedge funds and other institutional investors.
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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