Synopsys (NASDAQ:SNPS) Issues Q3 Earnings Guidance

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

Several brokerages have recently commented on SNPS. Atlantic Securities decreased their target price on Synopsys to $350.00 and set a na rating for the company in a research report on Thursday. UBS Group cut their price objective on Synopsys to $360.00 and set a hold rating for the company in a report on Thursday. Needham & Company LLC increased their price objective on Synopsys from $370.00 to $380.00 and gave the stock a buy rating in a report on Thursday. Wells Fargo & Company cut their price objective on Synopsys from $415.00 to $375.00 and set an overweight rating for the company in a report on Thursday. Finally, StockNews.com lowered Synopsys from a strong-buy rating to a buy rating in a report on Tuesday, May 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Synopsys presently has an average rating of Buy and a consensus price target of $377.45.

NASDAQ SNPS traded up $32.21 during trading on Thursday, hitting $304.78. 63,494 shares of the company traded hands, compared to its average volume of 913,972. Synopsys has a 12 month low of $229.04 and a 12 month high of $377.60. The business has a fifty day simple moving average of $301.38 and a 200 day simple moving average of $320.48. The company has a market capitalization of $46.66 billion, a P/E ratio of 52.96, a PEG ratio of 3.00 and a beta of 1.21.

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

In related news, CRO Joseph W. Logan sold 86,973 shares of Synopsys stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $289.40, for a total transaction of $25,169,986.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Chi-Foon Chan sold 12,570 shares of Synopsys stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $289.25, for a total value of $3,635,872.50. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd boosted its holdings in Synopsys by 18.9% during the first quarter. Covestor Ltd now owns 271 shares of the semiconductor company’s stock valued at $90,000 after purchasing an additional 43 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Synopsys during the fourth quarter valued at approximately $166,000. HB Wealth Management LLC bought a new position in shares of Synopsys in the fourth quarter valued at approximately $230,000. Geller Advisors LLC bought a new position in shares of Synopsys in the first quarter valued at approximately $215,000. Finally, Colony Group LLC bought a new position in shares of Synopsys in the fourth quarter valued at approximately $239,000. 84.71% of the stock is currently owned by institutional investors.

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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