Synopsys, Inc. (SNPS) Issues FY17 Earnings Guidance
Synopsys, Inc. (NASDAQ:SNPS) updated its FY17 earnings guidance on Wednesday. The company provided EPS guidance of $3.29-3.32 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.28. The company issued revenue guidance of $2.67-2.69 billion, compared to the consensus revenue estimate of $2.66 billion.Synopsys also updated its Q4 guidance to $0.55-0.58 EPS.
Several equities analysts have weighed in on the company. Credit Suisse Group reaffirmed a positive rating and set a $90.00 target price (up previously from $82.00) on shares of Synopsys in a research note on Tuesday. Royal Bank Of Canada reaffirmed an outperform rating and set a $85.00 target price (up previously from $77.00) on shares of Synopsys in a research note on Thursday, May 18th. BidaskClub cut Synopsys from a buy rating to a hold rating in a research note on Tuesday, July 25th. Bank of America Corporation reaffirmed a buy rating and set a $87.00 target price (up previously from $80.00) on shares of Synopsys in a research note on Friday, May 19th. Finally, J P Morgan Chase & Co reiterated an average rating on shares of Synopsys in a report on Friday, May 26th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $78.22.
Shares of Synopsys, Inc. (NASDAQ SNPS) traded up 1.10% during midday trading on Wednesday, hitting $79.09. The stock had a trading volume of 923,732 shares. The company has a market capitalization of $11.89 billion, a PE ratio of 44.18 and a beta of 1.02. Synopsys, Inc. has a one year low of $55.53 and a one year high of $79.45. The firm’s 50-day moving average is $75.39 and its 200 day moving average is $72.70.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.02. The business had revenue of $680.07 million during the quarter, compared to the consensus estimate of $672.40 million. Synopsys had a return on equity of 11.16% and a net margin of 10.74%. Synopsys’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. Equities analysts expect that Synopsys, Inc. will post $3.28 earnings per share for the current fiscal year.
Synopsys declared that its board has authorized a share buyback plan on Friday, June 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Synopsys news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $71.00, for a total value of $710,000.00. Following the completion of the transaction, the general counsel now directly owns 18,239 shares in the company, valued at $1,294,969. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Joseph W. Logan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $71.05, for a total value of $355,250.00. Following the completion of the transaction, the executive vice president now owns 68,793 shares of the company’s stock, valued at $4,887,742.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 304,246 shares of company stock valued at $21,608,505. Corporate 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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