Zacks Reaffirms Neutral Rating for Synopsys (SNPS)
Synopsys (NASDAQ:SNPS)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued on Friday. They currently have a $44.00 target price on the stock. Zacks‘s price target suggests a potential upside of 5.39% from the stock’s previous close.
Zacks’ analyst wrote, “Synopsys delivered modest fiscal third-quarter 2014 results. Both earnings and revenues improved on a year-over-year basis impacted by the higher adoption of Synopsys’ products and the Coverity acquisition. The company however provided a tepid fiscal fourth-quarter 2014 guidance. We believe the company’s recent product launches, acquisitions and deal wins will boost results, going ahead. Additionally, unique intellectual properties and global support provided by the company will likely drive its forthcoming results. However, competition from its peers coupled with a challenging technology spending environment and uncertainty regarding proper time to realize acquisition synergies keep us on the sidelines. Thus, we reiterate our Neutral recommendation on Synopsys.”
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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $46.07.
Synopsys (NASDAQ:SNPS) traded down 2.01% on Friday, hitting $40.91. 608,675 shares of the company’s stock traded hands. Synopsys has a 1-year low of $34.55 and a 1-year high of $41.82. The stock’s 50-day moving average is $38.81 and its 200-day moving average is $38.81. The company has a market cap of $6.367 billion and a P/E ratio of 25.93.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, August 20th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.55 earnings per share. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, analysts predict that Synopsys will post $2.50 earnings per share for the current fiscal year.
Synopsys, Inc is engaged in providing technology solutions used to develop electronics and electronic systems.
To view Zacks’ full report, visit Zacks’ official website.
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