Synopsys (NASDAQ:SNPS) issued its earnings results on Wednesday. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.03, Morningstar.com reports. The firm had revenue of $853.00 million for the quarter, compared to the consensus estimate of $831.03 million. Synopsys had a net margin of 18.94% and a return on equity of 16.79%. The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 earnings per share.
SNPS opened at $135.05 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.95 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average price of $133.42 and a 200-day moving average price of $119.60. Synopsys has a twelve month low of $79.14 and a twelve month high of $142.00. The stock has a market capitalization of $19.76 billion, a price-to-earnings ratio of 47.89, a PEG ratio of 3.96 and a beta of 1.27.
In other Synopsys news, Director Steven Walske sold 2,453 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $126.54, for a total transaction of $310,402.62. Following the completion of the sale, the director now directly owns 14,038 shares of the company’s stock, valued at $1,776,368.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Sudhindra Kankanwadi sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $126.20, for a total transaction of $315,500.00. Following the sale, the vice president now directly owns 10,916 shares of the company’s stock, valued at $1,377,599.20. The disclosure for this sale can be found here. Insiders have sold 34,925 shares of company stock valued at $4,471,565 over the last three months. 1.84% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Next Capital Management LLC purchased a new stake in Synopsys during the second quarter valued at approximately $26,000. Flagship Harbor Advisors LLC increased its holdings in Synopsys by 78.7% during the first quarter. Flagship Harbor Advisors LLC now owns 227 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 100 shares during the last quarter. Ruggie Capital Group purchased a new stake in Synopsys during the second quarter valued at approximately $32,000. Hanseatic Management Services Inc. purchased a new stake in Synopsys during the first quarter valued at approximately $30,000. Finally, Virtus ETF Advisers LLC purchased a new stake in Synopsys during the second quarter valued at approximately $34,000. 90.58% of the stock is owned by institutional investors and hedge funds.
SNPS has been the subject of several research reports. Credit Suisse Group reissued a “positive” rating and set a $150.00 price objective (up from $125.00) on shares of Synopsys in a report on Thursday. DA Davidson boosted their price objective on shares of Synopsys to $155.00 and gave the company a “positive” rating in a report on Thursday. Bank of America reissued an “average” rating on shares of Synopsys in a report on Wednesday, June 5th. Needham & Company LLC boosted their price objective on shares of Synopsys from $125.00 to $145.00 and gave the company a “buy” rating in a report on Thursday. Finally, KeyCorp boosted their price objective on shares of Synopsys from $152.00 to $153.00 and gave the company an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Synopsys currently has an average rating of “Buy” and an average price target of $137.30.
Synopsys Company Profile
Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; 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.
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