Synopsys (NASDAQ:SNPS) Announces Quarterly Earnings Results

Synopsys (NASDAQ:SNPSGet Free Report) 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.

Read Our Latest Report on Synopsys

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

(Get Free Report)

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.

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Earnings History for Synopsys (NASDAQ:SNPS)

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