Synopsys Inc. (SNPS) Reaches New 1-Year High at $59.80
Shares of Synopsys Inc. (NASDAQ:SNPS) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $59.80 and last traded at $59.67, with a volume of 888,000 shares. The stock had previously closed at $59.14.
Several brokerages recently issued reports on SNPS. Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating in a report on Tuesday, August 23rd. KeyCorp raised their price target on Synopsys from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, August 18th. Pacific Crest raised their price target on Synopsys from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, August 18th. Benchmark Co. raised their price target on Synopsys from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 18th. Finally, Needham & Company LLC raised their price target on Synopsys from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $61.00.
The firm has a market cap of $9.03 billion and a PE ratio of 38.05. The company’s 50 day moving average is $56.25 and its 200-day moving average is $51.03.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, August 17th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.02. The firm had revenue of $615.20 million for the quarter, compared to the consensus estimate of $602.89 million. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.63 earnings per share. On average, equities analysts anticipate that Synopsys Inc. will post $3.02 earnings per share for the current year.
In related news, Director Alfred Castino sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $53.24, for a total transaction of $266,200.00. Following the transaction, the director now directly owns 37,982 shares in the company, valued at $2,022,161.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian M. Beattie sold 40,700 shares of the business’s stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $52.55, for a total value of $2,138,785.00. Following the transaction, the chief accounting officer now owns 60,127 shares in the company, valued at $3,159,673.85. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Synopsys stock. KBC Group NV boosted its stake in shares of Synopsys Inc. (NASDAQ:SNPS) by 78.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,856 shares of the company’s stock after buying an additional 19,730 shares during the period. KBC Group NV’s holdings in Synopsys were worth $2,046,000 at the end of the most recent reporting period.
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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