Synopsys (NASDAQ:SNPS) Releases Earnings Results, Beats Expectations By $0.15 EPS

Synopsys (NASDAQ:SNPS) released its quarterly earnings results on Wednesday. The semiconductor company reported $3.43 EPS for the quarter, topping analysts’ consensus estimates of $3.28 by $0.15, Briefing.com reports. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.17 EPS.

Synopsys Trading Down 1.6 %

Shares of SNPS traded down $8.67 during trading hours on Friday, reaching $539.39. 1,040,658 shares of the stock traded hands, compared to its average volume of 1,064,959. The company has a market cap of $82.65 billion, a P/E ratio of 59.34, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. The company’s 50-day moving average price is $571.88 and its two-hundred day moving average price is $566.53. Synopsys has a 52-week low of $434.14 and a 52-week high of $629.38.

Insider Activity

In related news, Director Mercedes Johnson sold 5,500 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $581.38, for a total value of $3,197,590.00. Following the completion of the transaction, the director now owns 1,543 shares of the company’s stock, valued at approximately $897,069.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider John F. Runkel, Jr. sold 936 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $566.97, for a total transaction of $530,683.92. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,339,400. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mercedes Johnson sold 5,500 shares of Synopsys stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the completion of the sale, the director now owns 1,543 shares of the company’s stock, valued at $897,069.34. The disclosure for this sale can be found here. Insiders have sold 69,830 shares of company stock worth $42,643,721 over the last ninety days. Corporate insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and set a $687.00 price objective on shares of Synopsys in a research report on Thursday. Needham & Company LLC restated a “buy” rating and set a $640.00 target price on shares of Synopsys in a report on Thursday. KeyCorp lifted their price target on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities reissued a “buy” rating and set a $635.00 price objective on shares of Synopsys in a research note on Friday. Finally, Robert W. Baird lifted their target price on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys currently has a consensus rating of “Buy” and a consensus target price of $630.09.

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.