Synopsys, Inc. (NASDAQ:SNPS)‘s stock had its “average” rating reaffirmed by equities research analysts at HSBC Holdings plc in a research note issued to investors on Thursday, September 14th, The Fly reports.
SNPS has been the topic of a number of other research reports. BidaskClub downgraded shares of Synopsys from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Credit Suisse Group reissued an “outperform” rating on shares of Synopsys in a report on Thursday, August 31st. Pacific Crest reissued an “overweight” rating and issued a $86.00 price objective (up previously from $78.00) on shares of Synopsys in a report on Friday, May 19th. Needham & Company LLC restated a “buy” rating and set a $77.00 target price (up previously from $76.00) on shares of Synopsys in a research note on Thursday, May 18th. Finally, Zacks Investment Research upgraded shares of Synopsys from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research note on Monday, August 21st. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $83.88.
Synopsys (SNPS) opened at 80.36 on Thursday. Synopsys has a 1-year low of $56.03 and a 1-year high of $81.57. The firm has a 50-day moving average of $78.47 and a 200-day moving average of $74.70. The stock has a market capitalization of $12.07 billion, a PE ratio of 37.73 and a beta of 0.99.
Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.92. The firm had revenue of $695.40 million for the quarter, compared to the consensus estimate of $691.22 million. Synopsys had a net margin of 12.37% and a return on equity of 11.60%. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.76 EPS. Equities analysts expect that Synopsys will post $3.31 EPS for the current fiscal year.
Synopsys announced that its board has approved a share repurchase program on Friday, June 16th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
In other news, CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $77.50, for a total transaction of $290,625.00. Following the sale, the chief executive officer now owns 200,429 shares in the company, valued at $15,533,247.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Joseph W. Logan sold 5,000 shares of Synopsys stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $76.99, for a total transaction of $384,950.00. Following the sale, the executive vice president now owns 63,793 shares in the company, valued at approximately $4,911,423.07. The disclosure for this sale can be found here. 1.82% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Navellier & Associates Inc raised its position in shares of Synopsys by 5.4% during the second quarter. Navellier & Associates Inc now owns 76,265 shares of the semiconductor company’s stock valued at $5,562,000 after buying an additional 3,904 shares during the last quarter. USA Financial Portformulas Corp raised its position in shares of Synopsys by 263.6% during the second quarter. USA Financial Portformulas Corp now owns 51,258 shares of the semiconductor company’s stock valued at $3,738,000 after buying an additional 37,160 shares during the last quarter. Toronto Dominion Bank raised its position in shares of Synopsys by 25.3% during the second quarter. Toronto Dominion Bank now owns 50,922 shares of the semiconductor company’s stock valued at $3,714,000 after buying an additional 10,271 shares during the last quarter. Oak Associates Ltd. OH raised its position in shares of Synopsys by 2.2% during the second quarter. Oak Associates Ltd. OH now owns 220,800 shares of the semiconductor company’s stock valued at $16,103,000 after buying an additional 4,800 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Synopsys during the second quarter valued at approximately $366,000. Hedge funds and other institutional investors own 88.94% of the company’s stock.
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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