Synopsys, Inc. (NASDAQ:SNPS) announced its earnings results on Tuesday. The semiconductor company reported $0.92 earnings per share for the quarter, meeting the consensus estimate of $0.92, Briefing.com reports. The company had revenue of $695.40 million during the quarter, compared to the consensus estimate of $691.22 million. Synopsys had a return on equity of 6.38% and a net margin of 7.84%. The company’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the firm earned $0.76 earnings per share.
Shares of Synopsys (SNPS) opened at 79.09 on Thursday. Synopsys has a 12-month low of $56.03 and a 12-month high of $79.45. The company has a market cap of $11.89 billion, a PE ratio of 44.18 and a beta of 1.02. The stock’s 50 day moving average price is $75.55 and its 200-day moving average price is $72.74.
Synopsys announced that its board has authorized a share buyback plan on Friday, June 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other Synopsys news, Director John Schwarz sold 21,496 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $71.20, for a total value of $1,530,515.20. Following the transaction, the director now directly owns 19,324 shares in the company, valued at $1,375,868.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $71.00, for a total transaction of $710,000.00. Following the completion of the transaction, the general counsel now owns 18,239 shares in the company, valued at $1,294,969. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 304,246 shares of company stock worth $21,608,505. Company insiders own 1.82% of the company’s stock.
Several equities analysts have recently commented on SNPS shares. BidaskClub raised shares of Synopsys from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Needham & Company LLC increased their price target on shares of Synopsys from $77.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday. Pacific Crest reaffirmed an “overweight” rating and set a $86.00 price target (up previously from $78.00) on shares of Synopsys in a research report on Friday, May 19th. Credit Suisse Group reaffirmed a “positive” rating and set a $90.00 price target (up previously from $82.00) on shares of Synopsys in a research report on Tuesday. Finally, Zacks Investment Research cut shares of Synopsys from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Synopsys currently has an average rating of “Buy” and an average target price of $78.89.
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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