Synopsys (SNPS) Board of Directors Initiates Share Buyback Plan
Synopsys (NASDAQ:SNPS) declared that its Board of Directors has authorized a share buyback program, which authorizes the company to repurchase $500.00 million in shares on Friday, June 16th, EventVestor reports. This repurchase authorization authorizes the semiconductor company to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
A number of brokerages recently weighed in on SNPS. Zacks Investment Research lowered shares of Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. J P Morgan Chase & Co reaffirmed an “average” rating on shares of Synopsys in a research note on Friday, May 26th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $85.00 target price (up from $77.00) on shares of Synopsys in a research note on Thursday, May 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $77.00 target price (up from $76.00) on shares of Synopsys in a research note on Thursday, May 18th. Finally, Bank of America Corporation restated a “buy” rating and set a $87.00 price objective (up from $80.00) on shares of Synopsys in a research note on Friday, May 19th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $75.78.
Synopsys (NASDAQ SNPS) traded down 0.32% during trading on Friday, hitting $73.78. 1,360,335 shares of the stock were exchanged. Synopsys has a 52 week low of $50.97 and a 52 week high of $76.57. The firm has a market cap of $11.09 billion, a PE ratio of 41.22 and a beta of 0.98. The firm’s 50-day moving average is $74.16 and its 200 day moving average is $68.18.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. The firm had revenue of $680.07 million during the quarter, compared to analysts’ expectations of $672.40 million. Synopsys had a net margin of 10.74% and a return on equity of 11.16%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. Analysts expect that Synopsys will post $3.28 earnings per share for the current fiscal year.
In related news, CEO Chi-Foon Chan sold 3,750 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $70.96, for a total transaction of $266,100.00. Following the transaction, the chief executive officer now directly owns 204,179 shares in the company, valued at $14,488,541.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Joseph W. Logan sold 5,000 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $71.05, for a total transaction of $355,250.00. Following the transaction, the executive vice president now owns 68,793 shares in the company, valued at $4,887,742.65. The disclosure for this sale can be found here. Insiders have sold 304,246 shares of company stock valued at $21,608,505 over the last quarter. Corporate insiders own 1.82% of the company’s stock.
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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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