ValuEngine upgraded shares of Synopsys (NASDAQ:SNPS) from a hold rating to a buy rating in a research note issued to investors on Thursday.
A number of other analysts have also recently weighed in on SNPS. BidaskClub upgraded Synopsys from a sell rating to a hold rating in a research report on Tuesday, March 6th. Zacks Investment Research upgraded Synopsys from a sell rating to a hold rating in a research report on Friday, March 23rd. Royal Bank of Canada reiterated a buy rating on shares of Synopsys in a research report on Friday, February 23rd. Finally, KeyCorp reiterated an overweight rating and issued a $110.00 price target (up from $106.00) on shares of Synopsys in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. Synopsys has a consensus rating of Buy and a consensus price target of $97.33.
Shares of NASDAQ SNPS traded down $0.42 during trading hours on Thursday, reaching $84.06. The stock had a trading volume of 148,410 shares, compared to its average volume of 1,025,627. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $12,367.98, a price-to-earnings ratio of 96.00, a PEG ratio of 5.35 and a beta of 1.09. Synopsys has a twelve month low of $70.55 and a twelve month high of $94.80.
Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, February 21st. The semiconductor company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. Synopsys had a return on equity of 6.72% and a net margin of 1.63%. The business had revenue of $769.40 million during the quarter, compared to analyst estimates of $750.43 million. During the same period in the prior year, the company posted $0.94 earnings per share. Synopsys’s revenue was up 17.9% on a year-over-year basis. research analysts anticipate that Synopsys will post 1.55 earnings per share for the current fiscal year.
Synopsys announced that its Board of Directors 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, Director Steven Walske sold 4,545 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $90.12, for a total transaction of $409,595.40. Following the sale, the director now owns 14,988 shares in the company, valued at $1,350,718.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joseph W. Logan sold 10,313 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $84.69, for a total value of $873,407.97. Following the sale, the executive vice president now owns 78,584 shares in the company, valued at approximately $6,655,278.96. The disclosure for this sale can be found here. Insiders have sold 29,245 shares of company stock worth $2,529,005 in the last 90 days. Company insiders own 1.84% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Synopsys by 5.5% during the fourth quarter. BlackRock Inc. now owns 12,640,021 shares of the semiconductor company’s stock worth $1,077,434,000 after purchasing an additional 658,966 shares during the last quarter. Swedbank grew its holdings in shares of Synopsys by 7.6% during the fourth quarter. Swedbank now owns 2,433,192 shares of the semiconductor company’s stock worth $207,406,000 after purchasing an additional 171,085 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Synopsys by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 1,884,853 shares of the semiconductor company’s stock worth $160,386,000 after purchasing an additional 66,419 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Synopsys by 37.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,853,499 shares of the semiconductor company’s stock worth $157,992,000 after purchasing an additional 505,334 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Synopsys by 1.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,362,394 shares of the semiconductor company’s stock valued at $116,130,000 after acquiring an additional 18,545 shares during the last quarter. Institutional investors own 90.52% of the company’s stock.
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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.
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