Synopsys (NASDAQ:SNPS) Updates Q4 Earnings Guidance

Synopsys (NASDAQ:SNPS) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.27-3.32 for the period, compared to the consensus estimate of $3.25. The company issued revenue guidance of $1.614-1.644 billion, compared to the consensus revenue estimate of $1.62 billion.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SNPS shares. Piper Sandler upped their price target on shares of Synopsys from $672.00 to $687.00 and gave the stock an overweight rating in a research report on Wednesday, July 10th. Robert W. Baird upped their price target on shares of Synopsys from $645.00 to $661.00 and gave the stock an outperform rating in a research report on Tuesday, July 2nd. Rosenblatt Securities upped their price objective on shares of Synopsys from $615.00 to $635.00 and gave the company a buy rating in a research report on Thursday, August 15th. KeyCorp upped their target price on shares of Synopsys from $675.00 to $690.00 and gave the company an overweight rating in a research note on Thursday, June 27th. Finally, Needham & Company LLC reiterated a buy rating and set a $660.00 price objective on shares of Synopsys in a research note on Thursday, May 23rd. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $629.00.

Synopsys Stock Up 1.4 %

NASDAQ:SNPS traded up $7.65 on Wednesday, reaching $564.68. The stock had a trading volume of 854,629 shares, compared to its average volume of 1,063,336. The company has a market capitalization of $86.52 billion, a P/E ratio of 61.01, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. Synopsys has a 1-year low of $433.82 and a 1-year high of $629.38. The stock has a fifty day moving average price of $573.18 and a 200-day moving average price of $566.67.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the company posted $1.76 earnings per share. Synopsys’s revenue for the quarter was up 15.2% on a year-over-year basis. Sell-side analysts predict that Synopsys will post 9.55 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $582.41, for a total value of $5,995,328.54. Following the completion of the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $36,440,228.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synopsys news, Director Mercedes Johnson sold 5,500 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $581.38, for a total value of $3,197,590.00. Following the completion of the sale, the director now owns 1,543 shares in the company, valued at $897,069.34. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at approximately $36,440,228.88. The disclosure for this sale can be found here. Insiders have sold 81,363 shares of company stock worth $49,361,263 over the last ninety days. Company insiders own 0.66% of the company’s stock.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.