Synopsys Inc. (SNPS) Hits New 52-Week High at $55.21
Synopsys Inc. (NASDAQ:SNPS) reached a new 52-week high during trading on Thursday . The stock traded as high as $55.21 and last traded at $54.98, with a volume of 336,573 shares trading hands. The stock had previously closed at $54.87.
Several research firms have recently commented on SNPS. Zacks Investment Research raised Synopsys from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Tuesday. Royal Bank Of Canada assumed coverage on Synopsys in a research note on Monday, June 6th. They set an “outperform” rating and a $64.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $56.29.
The firm has a market capitalization of $8.34 billion and a PE ratio of 36.652. The stock’s 50-day moving average price is $52.88 and its 200-day moving average price is $47.58.
Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 18th. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.02. The business had revenue of $605.01 million for the quarter, compared to the consensus estimate of $601.97 million. During the same quarter in the previous year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities analysts predict that Synopsys Inc. will post $2.99 EPS for the current year.
In other news, CAO Brian M. Beattie sold 40,700 shares of the stock in a transaction on Friday, June 10th. The stock was sold at an average price of $52.55, for a total value of $2,138,785.00. Following the completion of the transaction, the chief accounting officer now directly owns 60,127 shares in the company, valued at approximately $3,159,673.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deborah A. Coleman sold 2,000 shares of the stock in a transaction on Monday, June 20th. The shares were sold at an average price of $53.30, for a total value of $106,600.00. Following the completion of the transaction, the director now owns 44,019 shares of the company’s stock, valued at $2,346,212.70. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Synopsys by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 45,213 shares of the company’s stock worth $2,062,000 after buying an additional 193 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of Synopsys by 2.8% in the fourth quarter. Advisors Asset Management Inc. now owns 31,057 shares of the company’s stock worth $1,417,000 after buying an additional 854 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Synopsys by 5.8% in the fourth quarter. Gulf International Bank UK Ltd now owns 45,537 shares of the company’s stock worth $2,077,000 after buying an additional 2,480 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Synopsys by 10.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 29,345 shares of the company’s stock worth $1,339,000 after buying an additional 2,664 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Synopsys by 2.4% in the fourth quarter. Rhumbline Advisers now owns 235,220 shares of the company’s stock worth $10,728,000 after buying an additional 5,513 shares during the last quarter.
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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