Synopsys, Inc. (NASDAQ:SNPS) Receives Average Recommendation of “Buy” from Analysts
Shares of Synopsys, Inc. (NASDAQ:SNPS) have received a consensus recommendation of “Buy” from the eleven research firms that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $76.50.
Several equities research analysts have recently issued reports on the stock. BidaskClub lowered shares of Synopsys from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. J P Morgan Chase & Co restated an “average” rating on shares of Synopsys in a report on Friday, May 26th. Bank of America Corporation restated a “buy” rating and issued a $87.00 target price (up previously from $80.00) on shares of Synopsys in a report on Friday, May 19th. DA Davidson restated a “buy” rating and issued a $85.00 target price (up previously from $77.00) on shares of Synopsys in a report on Friday, May 19th. Finally, Pacific Crest restated an “overweight” rating and issued a $86.00 target price (up previously from $78.00) on shares of Synopsys in a report on Friday, May 19th.
Shares of Synopsys (SNPS) traded up 0.57% during trading on Monday, hitting $76.34. 348,491 shares of the stock traded hands. The stock has a market cap of $11.47 billion, a PE ratio of 42.65 and a beta of 1.01. The firm’s 50-day moving average price is $74.51 and its 200-day moving average price is $70.65. Synopsys has a 12 month low of $53.53 and a 12 month high of $76.57.
Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.02. The firm had revenue of $680.07 million during the quarter, compared to analyst estimates 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 quarter last year, the business earned $0.81 EPS. Analysts anticipate that Synopsys will post $3.28 EPS for the current year.
Synopsys announced that its Board of Directors has authorized a share repurchase plan on Friday, June 16th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, CEO Chi-Foon Chan sold 3,750 shares of Synopsys 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 completion of the sale, the chief executive officer now owns 204,179 shares in the company, valued at approximately $14,488,541.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of Synopsys 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 sale, the general counsel now owns 18,239 shares of the company’s stock, valued at approximately $1,294,969. The disclosure for this sale can be found here. Insiders have sold a total of 304,246 shares of company stock valued at $21,608,505 in the last quarter. 1.82% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Credit Suisse AG raised its stake in Synopsys by 14.4% in the first quarter. Credit Suisse AG now owns 399,430 shares of the semiconductor company’s stock valued at $28,810,000 after buying an additional 50,214 shares in the last quarter. Origin Asset Management LLP raised its stake in Synopsys by 6.1% in the first quarter. Origin Asset Management LLP now owns 300,383 shares of the semiconductor company’s stock valued at $21,667,000 after buying an additional 17,183 shares in the last quarter. ING Groep NV acquired a new stake in Synopsys during the first quarter valued at approximately $555,000. Mn Services Vermogensbeheer B.V. raised its stake in Synopsys by 4.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,036 shares of the semiconductor company’s stock valued at $272,000 after buying an additional 172 shares in the last quarter. Finally, Morgan Stanley raised its stake in Synopsys by 155.6% in the first quarter. Morgan Stanley now owns 1,081,104 shares of the semiconductor company’s stock valued at $77,979,000 after buying an additional 658,199 shares in the last quarter. Institutional investors own 91.62% 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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