Synopsys (NASDAQ:SNPS) Posts Earnings Results, Beats Estimates By $0.15 EPS

Synopsys (NASDAQ:SNPS) announced its quarterly earnings results on Wednesday. The semiconductor company reported $3.43 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15, Briefing.com reports. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the firm earned $2.17 EPS. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year.

Synopsys Trading Down 2.9 %

Shares of Synopsys stock traded down $16.62 during trading hours on Thursday, reaching $548.06. The stock had a trading volume of 1,312,008 shares, compared to its average volume of 1,065,104. The stock’s 50 day moving average is $571.88 and its 200 day moving average is $566.53. The firm has a market capitalization of $83.97 billion, a PE ratio of 59.57, a PEG ratio of 3.58 and a beta of 1.07. Synopsys has a twelve month low of $434.14 and a twelve month high of $629.38.

Insider Transactions at Synopsys

In other news, insider Geus Aart De sold 493 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $620.60, for a total transaction of $305,955.80. Following the completion of the sale, the insider now owns 106,983 shares of the company’s stock, valued at $66,393,649.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider John F. Runkel, Jr. sold 936 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $566.97, for a total value of $530,683.92. Following the completion of the sale, the insider now owns 20,000 shares of the company’s stock, valued at approximately $11,339,400. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Geus Aart De sold 493 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $620.60, for a total transaction of $305,955.80. Following the completion of the sale, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $66,393,649.80. The disclosure for this sale can be found here. Insiders sold 81,363 shares of company stock valued at $49,361,263 over the last 90 days. Corporate insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. KeyCorp lifted their price target on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities lifted their price objective on shares of Synopsys from $615.00 to $635.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Piper Sandler reiterated an “overweight” rating and set a $687.00 price objective on shares of Synopsys in a research note on Thursday. Robert W. Baird lifted their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $640.00 price objective on shares of Synopsys in a research note on Thursday. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $630.09.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers 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.