Synopsys Inc. (SNPS) Reaches New 1-Year High at $55.21
Synopsys Inc. (NASDAQ:SNPS) hit a new 52-week high on Thursday . The stock traded as high as $55.21 and last traded at $54.98, with a volume of 336,573 shares. The stock had previously closed at $54.87.
SNPS has been the subject of several recent research reports. Zacks Investment Research raised Synopsys from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a report on Tuesday, April 19th. Royal Bank Of Canada initiated coverage on Synopsys in a report on Monday, June 6th. They set an “outperform” rating and a $64.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $56.29.
The stock has a 50-day moving average of $53.08 and a 200-day moving average of $47.69. The firm has a market capitalization of $8.26 billion and a PE ratio of 36.33.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, May 18th. The company reported $0.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.02. During the same quarter last year, the firm posted $0.68 earnings per share. The firm earned $605.01 million during the quarter, compared to the consensus estimate of $601.97 million. Synopsys’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts expect that Synopsys Inc. will post $2.99 EPS for the current fiscal year.
In other news, CAO Brian M. Beattie sold 40,700 shares of the business’s stock in a transaction that occurred 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 sale, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alfred Castino sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $53.24, for a total value of $266,200.00. Following the completion of the sale, the director now owns 37,982 shares of the company’s stock, valued at $2,022,161.68. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in SNPS. PNC Financial Services Group Inc. raised its position in 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 in the last quarter. Advisors Asset Management Inc. raised its position in 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 in the last quarter. SECOR Capital Advisors LP bought a new position in Synopsys during the fourth quarter worth about $2,045,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in 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 in the last quarter. Finally, Gulf International Bank UK Ltd raised its position in 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 in 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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