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Shares of Synopsys (NASDAQ:SNPS) hit a new 52-week high during trading on Thursday following a stronger than expected earnings report, American Banking & Market News reports. The company traded as high as $41.79 and last traded at $41.48, with a volume of 1,075,517 shares. The stock had previously closed at $39.30.

The company reported $0.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.60 by $0.05. The company had revenue of $521.80 million for the quarter. During the same quarter in the prior year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 8.1% on a year-over-year basis.

Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Synopsys in a research note on Thursday. They now have a $46.50 price target on the stock, up previously from $45.00. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Synopsys presently has an average rating of “Buy” and an average price target of $46.42.

The stock’s 50-day moving average is $38.73 and its 200-day moving average is $38.79. The company has a market cap of $6.418 billion and a price-to-earnings ratio of 25.84.

Synopsys, Inc is engaged in providing technology solutions used to develop electronics and electronic systems.

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