ValuEngine upgraded shares of Synopsys (NASDAQ:SNPS) from a hold rating to a buy rating in a research report report published on Thursday, April 12th.
SNPS has been the subject of a number of other reports. KeyCorp reaffirmed an overweight rating and set a $110.00 price target (up from $106.00) on shares of Synopsys in a report on Thursday, February 22nd. BidaskClub cut Synopsys from a buy rating to a hold rating in a report on Friday, February 2nd. Zacks Investment Research cut Synopsys from a hold rating to a strong sell rating in a report on Monday, February 26th. Finally, Royal Bank of Canada reissued a buy rating on shares of Synopsys in a research note on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $97.33.
Shares of NASDAQ SNPS traded down $0.90 during mid-day trading on Thursday, reaching $83.24. 509,802 shares of the company traded hands, compared to its average volume of 1,015,078. 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 firm has a market cap of $12,744.25, a price-to-earnings ratio of 95.61, a P/E/G ratio of 5.52 and a beta of 1.09. Synopsys has a fifty-two week low of $70.55 and a fifty-two week high of $94.80.
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 the consensus estimate of $1.00 by $0.10. The firm had revenue of $769.40 million during the quarter, compared to the consensus estimate of $750.43 million. Synopsys had a return on equity of 6.72% and a net margin of 1.63%. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 EPS. equities research analysts forecast that Synopsys will post 1.55 earnings per share for the current year.
Synopsys declared that its board has initiated a stock buyback program on Thursday, April 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other Synopsys news, CEO Chi-Foon Chan sold 778 shares of Synopsys stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $90.06, for a total transaction of $70,066.68. Following the transaction, the chief executive officer now directly owns 210,131 shares in the company, valued at $18,924,397.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of Synopsys stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $87.00, for a total value of $870,000.00. Following the transaction, the general counsel now owns 23,052 shares in the company, valued at $2,005,524. The disclosure for this sale can be found here. Insiders sold a total of 24,700 shares of company stock worth $2,119,410 over the last 90 days. 1.84% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of Synopsys by 18.8% in the fourth quarter. Wells Fargo & Company MN now owns 720,487 shares of the semiconductor company’s stock valued at $61,415,000 after purchasing an additional 113,892 shares in the last quarter. Jefferies Group LLC acquired a new position in Synopsys during the fourth quarter worth approximately $10,980,000. First Trust Advisors LP grew its position in shares of Synopsys by 426.3% in the fourth quarter. First Trust Advisors LP now owns 1,038,634 shares of the semiconductor company’s stock valued at $88,533,000 after purchasing an additional 841,300 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in shares of Synopsys in the fourth quarter valued at approximately $3,962,000. Finally, State of Alaska Department of Revenue grew its position in shares of Synopsys by 45.5% in the fourth quarter. State of Alaska Department of Revenue now owns 27,905 shares of the semiconductor company’s stock valued at $2,376,000 after purchasing an additional 8,730 shares during the last quarter. Institutional investors own 90.45% of the company’s stock.
Synopsys Company Profile
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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