Zacks: Brokerages Expect Synopsys (SNPS) to Post $1.08 EPS

Wall Street analysts forecast that Synopsys (NASDAQ:SNPS) will report earnings of $1.08 per share for the current quarter, according to Zacks. Four analysts have issued estimates for Synopsys’ earnings, with the highest EPS estimate coming in at $1.09 and the lowest estimate coming in at $1.07. Synopsys posted earnings of $0.88 per share in the same quarter last year, which would suggest a positive year over year growth rate of 22.7%. The firm is scheduled to issue its next earnings report after the market closes on Wednesday, May 23rd.

According to Zacks, analysts expect that Synopsys will report full year earnings of $3.72 per share for the current year, with EPS estimates ranging from $3.71 to $3.73. For the next financial year, analysts expect that the firm will post earnings of $4.10 per share, with EPS estimates ranging from $3.97 to $4.23. Zacks’ EPS calculations are an average based on a survey of research firms that that provide coverage for Synopsys.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, February 21st. The semiconductor company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The firm had revenue of $769.40 million for the quarter, compared to analyst estimates of $750.43 million. Synopsys had a net margin of 1.63% and a return on equity of 6.72%. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 EPS.

Several research firms recently commented on SNPS. BidaskClub raised shares of Synopsys from a “sell” rating to a “hold” rating in a research note on Thursday, May 3rd. Zacks Investment Research raised shares of Synopsys from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research note on Tuesday, April 24th. ValuEngine raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Thursday, April 12th. Royal Bank of Canada reissued a “buy” rating on shares of Synopsys in a research note on Friday, February 23rd. Finally, KeyCorp reissued an “overweight” rating and set a $110.00 price objective (up previously from $106.00) on shares of Synopsys in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $100.71.

NASDAQ:SNPS opened at $89.25 on Monday. Synopsys has a one year low of $70.55 and a one year high of $94.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market cap of $13.27 billion, a P/E ratio of 101.42, a price-to-earnings-growth ratio of 5.75 and a beta of 1.10.

Synopsys announced that its board has approved a stock repurchase program on Thursday, April 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

In other news, EVP Joseph W. Logan sold 10,313 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $84.69, for a total value of $873,407.97. Following the transaction, the executive vice president now owns 78,584 shares in the company, valued at $6,655,278.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Chi-Foon Chan sold 3,609 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $84.77, for a total transaction of $305,934.93. Following the completion of the transaction, the chief executive officer now owns 209,244 shares in the company, valued at approximately $17,737,613.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,700 shares of company stock worth $2,119,410. Insiders own 1.84% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Xact Kapitalforvaltning AB lifted its stake in shares of Synopsys by 2.7% in the first quarter. Xact Kapitalforvaltning AB now owns 42,645 shares of the semiconductor company’s stock worth $3,550,000 after buying an additional 1,128 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Synopsys by 1.9% in the first quarter. Royal Bank of Canada now owns 793,702 shares of the semiconductor company’s stock worth $66,068,000 after buying an additional 14,855 shares in the last quarter. Alkeon Capital Management LLC lifted its stake in shares of Synopsys by 2.8% in the first quarter. Alkeon Capital Management LLC now owns 2,518,350 shares of the semiconductor company’s stock worth $209,627,000 after buying an additional 67,425 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Synopsys by 1.9% in the first quarter. Legal & General Group Plc now owns 862,693 shares of the semiconductor company’s stock worth $71,778,000 after buying an additional 15,690 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in shares of Synopsys by 35.1% in the first quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 55,798 shares of the semiconductor company’s stock worth $4,645,000 after buying an additional 14,500 shares in the last quarter. Hedge funds and other institutional investors own 89.91% of the company’s stock.

About Synopsys

Synopsys, Inc provides electronic design automation (EDA) software products used to design and test integrated circuits (ICs). It offers Galaxy Design platform that offers IC design solutions; Verification Continuum Platform, which 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.

Get a free copy of the Zacks research report on Synopsys (SNPS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Synopsys (NASDAQ:SNPS)

Receive News & Ratings for Synopsys Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synopsys and related companies with MarketBeat.com's FREE daily email newsletter.




Leave a Reply