Synopsys (NASDAQ:SNPS) Announces Quarterly Earnings Results

Synopsys (NASDAQ:SNPS) issued its quarterly earnings data on Wednesday. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.03 by ($0.03), Briefing.com reports. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the firm posted $1.76 EPS. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. Synopsys updated its FY 2024 guidance to 12.900-12.980 EPS and its Q3 2024 guidance to 3.250-3.300 EPS.

Synopsys Stock Performance

SNPS traded up $1.60 on Wednesday, hitting $573.13. 1,011,669 shares of the company were exchanged, compared to its average volume of 1,137,447. Synopsys has a 12 month low of $390.20 and a 12 month high of $629.38. The company has a market cap of $87.40 billion, a PE ratio of 62.94, a PEG ratio of 3.35 and a beta of 1.07. The stock’s fifty day moving average is $557.14 and its 200-day moving average is $545.80.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SNPS shares. Rosenblatt Securities reissued a “buy” rating and issued a $615.00 target price on shares of Synopsys in a research note on Thursday, March 21st. Robert W. Baird lifted their target price on Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Piper Sandler started coverage on Synopsys in a research note on Thursday, April 4th. They issued an “overweight” rating and a $665.00 target price for the company. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $660.00 price objective on shares of Synopsys in a research note on Friday, March 22nd. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $601.00.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the transaction, the chief executive officer now owns 61,863 shares of the company’s stock, valued at $35,726,501.13. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider John F. Runkel, Jr. sold 1,219 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $583.95, for a total value of $711,835.05. Following the transaction, the insider now owns 26,780 shares of the company’s stock, valued at $15,638,181. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following the completion of the transaction, the chief executive officer now directly owns 61,863 shares in the company, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. Insiders have sold a total of 26,832 shares of company stock valued at $15,464,992 over the last 90 days. 0.66% of the stock is currently owned by insiders.

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.