Synopsys, Inc. (SNPS) Announces Earnings Results
Synopsys, Inc. (NASDAQ:SNPS) issued its quarterly earnings results on Tuesday. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.92, Briefing.com reports. The company had revenue of $695.40 million for the quarter, compared to the consensus estimate of $691.22 million. Synopsys had a return on equity of 6.38% and a net margin of 7.84%. Synopsys’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.76 earnings per share.
Synopsys (SNPS) opened at 79.09 on Thursday. The company’s 50-day moving average price is $75.55 and its 200-day moving average price is $72.74. Synopsys has a 12 month low of $56.03 and a 12 month high of $79.45. The stock has a market cap of $11.89 billion, a P/E ratio of 44.18 and a beta of 1.02.
SNPS has been the topic of a number of recent analyst reports. BidaskClub upgraded Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. J P Morgan Chase & Co restated an “average” rating on shares of Synopsys in a research report on Friday, May 26th. Royal Bank Of Canada restated an “outperform” rating and issued a $85.00 target price (up previously from $77.00) on shares of Synopsys in a research report on Thursday, May 18th. Bank of America Corporation restated a “buy” rating and issued a $87.00 target price (up previously from $80.00) on shares of Synopsys in a research report on Friday, May 19th. Finally, DA Davidson restated a “buy” rating and issued a $85.00 target price (up previously from $77.00) on shares of Synopsys in a research report on Friday, May 19th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Synopsys has a consensus rating of “Buy” and an average target price of $78.89.
In related news, Chairman Geus Aart De sold 264,000 shares of the stock in a transaction on Friday, May 19th. The stock was sold at an average price of $71.01, for a total value of $18,746,640.00. Following the transaction, the chairman now directly owns 220,133 shares of the company’s stock, valued at approximately $15,631,644.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of the stock in a transaction on Friday, May 19th. The stock was sold at an average price of $71.00, for a total value of $710,000.00. Following the completion of the transaction, the general counsel now directly owns 18,239 shares in the company, valued at $1,294,969. The disclosure for this sale can be found here. In the last three months, insiders have sold 304,246 shares of company stock worth $21,608,505. Corporate insiders own 1.82% of the company’s stock.
Synopsys declared that its board has authorized a stock repurchase plan on Friday, June 16th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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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