Synopsys (NASDAQ:SNPS) Issues Q3 2022 Earnings Guidance

Synopsys (NASDAQ:SNPSGet Rating) updated its third quarter 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.01-$2.06 for the period, compared to the consensus earnings per share estimate of $1.61. The company issued revenue guidance of $1.21 billion-$1.24 billion, compared to the consensus revenue estimate of $1.14 billion.Synopsys also updated its FY 2022 guidance to $8.63-$8.70 EPS.

A number of brokerages have recently issued reports on SNPS. Wells Fargo & Company cut their price target on shares of Synopsys from $415.00 to $375.00 and set an overweight rating for the company in a report on Thursday. StockNews.com cut shares of Synopsys from a strong-buy rating to a buy rating in a research note on Tuesday, May 3rd. Finally, Needham & Company LLC raised their price target on shares of Synopsys from $370.00 to $380.00 and gave the stock a buy rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Synopsys has an average rating of Buy and a consensus target price of $382.44.

Shares of SNPS traded up $31.32 during mid-day trading on Thursday, reaching $303.89. 61,836 shares of the stock traded hands, compared to its average volume of 913,972. The firm has a market cap of $46.53 billion, a price-to-earnings ratio of 51.15, a P/E/G ratio of 3.00 and a beta of 1.21. The stock has a fifty day simple moving average of $301.38 and a 200 day simple moving average of $320.48. Synopsys has a 12-month low of $229.04 and a 12-month high of $377.60.

Synopsys (NASDAQ:SNPSGet Rating) last posted its quarterly earnings data on Wednesday, May 18th. The semiconductor company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.13. Synopsys had a net margin of 20.18% and a return on equity of 16.74%. During the same quarter last year, the company earned $1.24 EPS. As a group, research analysts predict that Synopsys will post 5.63 earnings per share for the current year.

In other Synopsys news, CRO Joseph W. Logan sold 86,973 shares of Synopsys stock in a transaction on Friday, February 18th. The shares were sold at an average price of $289.40, for a total value of $25,169,986.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chi-Foon Chan sold 12,570 shares of Synopsys stock in a transaction on Friday, February 18th. The stock was sold at an average price of $289.25, for a total transaction of $3,635,872.50. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its position in Synopsys by 90.2% in the first quarter. Goldman Sachs Group Inc. now owns 733,196 shares of the semiconductor company’s stock worth $244,353,000 after acquiring an additional 347,807 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Synopsys by 11,272.9% during the first quarter. Wellington Management Group LLP now owns 164,111 shares of the semiconductor company’s stock worth $54,693,000 after buying an additional 162,668 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Synopsys by 57.8% during the first quarter. Prudential Financial Inc. now owns 391,612 shares of the semiconductor company’s stock worth $130,513,000 after buying an additional 143,471 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Synopsys by 19.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 406,426 shares of the semiconductor company’s stock valued at $135,450,000 after purchasing an additional 66,469 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in shares of Synopsys by 8.5% in the first quarter. Royal Bank of Canada now owns 659,426 shares of the semiconductor company’s stock valued at $219,767,000 after purchasing an additional 51,733 shares in the last quarter. Institutional investors and hedge funds own 84.71% of the company’s stock.

Synopsys Company Profile (Get Rating)

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that provides 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.

Further Reading

Earnings History and Estimates for Synopsys (NASDAQ:SNPS)

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