Synopsys (NASDAQ:SNPS) Releases FY 2024 Earnings Guidance

Synopsys (NASDAQ:SNPS) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 12.900-12.980 for the period, compared to the consensus EPS estimate of 13.420. The company issued revenue guidance of $6.1 billion-$6.2 billion, compared to the consensus revenue estimate of $6.5 billion. Synopsys also updated its Q3 2024 guidance to 3.250-3.300 EPS.

Synopsys Trading Up 0.3 %

NASDAQ SNPS traded up $1.60 during trading hours on Wednesday, hitting $573.13. The company’s stock had a trading volume of 1,003,485 shares, compared to its average volume of 1,137,365. The company has a market capitalization of $87.40 billion, a PE ratio of 62.94, a price-to-earnings-growth ratio of 3.35 and a beta of 1.07. Synopsys has a 52 week low of $390.20 and a 52 week high of $629.38. The company’s 50-day simple moving average is $557.14 and its two-hundred day simple moving average is $545.80.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $1.76 earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Research analysts anticipate that Synopsys will post 9.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNPS. Robert W. Baird raised their price target on Synopsys from $624.00 to $640.00 and gave the stock an outperform rating in a report on Thursday, February 22nd. StockNews.com raised Synopsys from a hold rating to a buy rating in a research note on Monday, March 18th. Piper Sandler began coverage on Synopsys in a research note on Thursday, April 4th. They issued an overweight rating and a $665.00 target price on the stock. Needham & Company LLC reissued a buy rating and set a $660.00 price objective on shares of Synopsys in a report on Friday, March 22nd. Finally, Rosenblatt Securities reiterated a buy rating and set a $615.00 target price on shares of Synopsys in a research report on Thursday, March 21st. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of Buy and an average price target of $601.00.

Insider Activity

In related news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $577.51, for a total value of $5,944,887.94. Following the completion of the transaction, the chief executive officer now owns 61,863 shares in the company, valued at approximately $35,726,501.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Roy Vallee sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the sale, the director now owns 20,000 shares in the company, valued at $11,453,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the completion of the transaction, the chief executive officer now owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,832 shares of company stock worth $15,464,992. Corporate insiders own 0.66% of the company’s stock.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers 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.