Synopsys, Inc. (SNPS) Releases FY17 Earnings Guidance
Synopsys, Inc. (NASDAQ:SNPS) updated its FY17 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $3.29-3.32 for the period, compared to the Thomson Reuters consensus estimate of $3.31. The company issued revenue guidance of $2.67-2.69 billion, compared to the consensus revenue estimate of $2.68 billion.Synopsys also updated its Q4 guidance to 0.55-0.58 EPS.
Several brokerages recently weighed in on SNPS. Credit Suisse Group reaffirmed an outperform rating on shares of Synopsys in a research note on Thursday, August 31st. Zacks Investment Research cut Synopsys from a buy rating to a hold rating in a research note on Thursday, August 24th. Royal Bank Of Canada upped their price target on Synopsys from $85.00 to $90.00 and gave the stock an outperform rating in a research note on Thursday, August 17th. Needham & Company LLC reaffirmed a buy rating and issued a $83.00 price target (up from $77.00) on shares of Synopsys in a research note on Thursday, August 17th. Finally, BidaskClub raised Synopsys from a buy rating to a strong-buy rating in a research note on Thursday, August 17th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $83.38.
Shares of Synopsys, Inc. (SNPS) opened at 79.60 on Tuesday. The stock has a 50 day moving average price of $77.80 and a 200-day moving average price of $74.30. Synopsys, Inc. has a 1-year low of $56.03 and a 1-year high of $80.70. The stock has a market capitalization of $11.96 billion, a PE ratio of 37.37 and a beta of 0.99.
Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.92. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The business had revenue of $695.40 million for the quarter, compared to the consensus estimate of $691.22 million. During the same period last year, the business posted $0.76 EPS. The business’s revenue was up 13.0% compared to the same quarter last year. On average, analysts forecast that Synopsys, Inc. will post $3.31 earnings per share for the current year.
Synopsys declared that its Board of Directors has initiated a share buyback plan on Friday, June 16th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In other news, CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction on Friday, August 18th. The stock was sold at an average price of $77.50, for a total value of $290,625.00. Following the transaction, the chief executive officer now directly owns 200,429 shares in the company, valued at approximately $15,533,247.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph W. Logan sold 5,000 shares of Synopsys stock in a transaction on Friday, August 18th. The shares were sold at an average price of $76.99, for a total value of $384,950.00. Following the completion of the transaction, the executive vice president now owns 63,793 shares in the company, valued at $4,911,423.07. The disclosure for this sale can be found here. Company 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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