Synopsys (SNPS) Lifted to Buy at ValuEngine

ValuEngine upgraded shares of Synopsys (NASDAQ:SNPS) from a hold rating to a buy rating in a research note issued to investors on Thursday morning.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada reiterated a buy rating on shares of Synopsys in a research report on Friday, February 23rd. BidaskClub upgraded Synopsys from a hold rating to a buy rating in a research report on Tuesday, January 23rd. Zacks Investment Research upgraded Synopsys from a sell rating to a hold rating in a research report on Friday, March 23rd. Finally, KeyCorp reiterated an overweight rating and set a $110.00 price objective (up previously from $106.00) on shares of Synopsys in a research report on Thursday, February 22nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $97.33.

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NASDAQ SNPS opened at $83.82 on Thursday. The company has a market capitalization of $12,564.30, a PE ratio of 95.25, a PEG ratio of 5.44 and a beta of 1.09. Synopsys has a 1-year low of $70.55 and a 1-year high of $94.80. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, February 21st. The semiconductor company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. The business had revenue of $769.40 million for the quarter, compared to the consensus estimate of $750.43 million. Synopsys had a return on equity of 6.72% and a net margin of 1.63%. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.94 earnings per share. research analysts predict that Synopsys will post 1.55 earnings per share for the current fiscal year.

Synopsys declared that its Board of Directors has approved a share buyback program on Thursday, April 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

In other Synopsys news, Director Steven Walske sold 4,545 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $90.12, for a total transaction of $409,595.40. Following the completion of the sale, the director now owns 14,988 shares of the company’s stock, valued at $1,350,718.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Chi-Foon Chan sold 3,609 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $84.77, for a total value of $305,934.93. Following the sale, the chief executive officer now directly owns 209,244 shares of the company’s stock, valued at approximately $17,737,613.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,245 shares of company stock worth $2,529,005. 1.84% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Cerebellum GP LLC acquired a new stake in Synopsys during the fourth quarter worth $124,000. Robecosam AG increased its stake in Synopsys by 69.2% during the fourth quarter. Robecosam AG now owns 2,200 shares of the semiconductor company’s stock worth $188,000 after acquiring an additional 900 shares during the last quarter. IBM Retirement Fund acquired a new stake in Synopsys during the fourth quarter worth $201,000. Conning Inc. acquired a new stake in Synopsys during the fourth quarter worth $205,000. Finally, Checchi Capital Advisers LLC acquired a new stake in Synopsys during the fourth quarter worth $205,000. 90.52% of the stock is owned by institutional investors.

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Synopsys Company Profile

Synopsys, Inc provides electronic design automation (EDA) software products used to design and test integrated circuits (ICs). It offers Galaxy Design platform that offers IC design solutions; Verification Continuum Platform, which provides virtual prototyping, static and formal verification, simulation, emulation, field-programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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