Synopsys (NASDAQ:SNPS) Announces Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Synopsys (NASDAQ:SNPS) posted its earnings results on Wednesday. The semiconductor company reported $3.43 earnings per share for the quarter, topping analysts’ consensus estimates of $3.28 by $0.15, Briefing.com reports. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the firm posted $2.17 EPS. Synopsys’s revenue was up 12.7% on a year-over-year basis.

Synopsys Stock Performance

Shares of SNPS stock traded down $8.67 on Friday, hitting $539.39. 1,053,355 shares of the company’s stock traded hands, compared to its average volume of 1,065,036. The stock has a market capitalization of $82.65 billion, a price-to-earnings ratio of 58.63, a P/E/G ratio of 3.58 and a beta of 1.07. The company’s fifty day simple moving average is $570.87 and its 200 day simple moving average is $566.39. Synopsys has a one year low of $434.14 and a one year high of $629.38.

Insiders Place Their Bets

In related news, Director Mercedes Johnson sold 5,500 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the completion of the sale, the director now directly owns 1,543 shares in the company, valued at approximately $897,069.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Mercedes Johnson sold 5,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 1,543 shares in the company, valued at $897,069.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Geus Aart De sold 4,212 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $600.05, for a total transaction of $2,527,410.60. Following the sale, the insider now owns 106,983 shares of the company’s stock, valued at $64,195,149.15. The disclosure for this sale can be found here. Insiders sold 69,830 shares of company stock valued at $42,643,721 over the last three months. Insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SNPS shares. KeyCorp upped their price target on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Piper Sandler restated an “overweight” rating and issued a $687.00 target price on shares of Synopsys in a research note on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $635.00 price target on shares of Synopsys in a research report on Friday. Robert W. Baird upped their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Synopsys currently has a consensus rating of “Buy” and a consensus price target of $630.09.

About Synopsys

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.