Synopsys (NASDAQ:SNPS) Releases Q4 Earnings Guidance
Synopsys (NASDAQ:SNPS) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.10-1.15 for the period, compared to the Thomson Reuters consensus estimate of $1.01. The company issued revenue guidance of $830-860 million, compared to the consensus revenue estimate of $838.45 million.Synopsys also updated its FY 2019 guidance to $4.52-4.57 EPS.
A number of brokerages have recently issued reports on SNPS. Bank of America reiterated an average rating on shares of Synopsys in a research report on Wednesday, June 5th. KeyCorp upped their target price on shares of Synopsys from $135.00 to $152.00 and gave the stock an overweight rating in a research report on Friday, July 12th. Zacks Investment Research lowered shares of Synopsys from a hold rating to a sell rating and set a $143.00 target price on the stock. in a research report on Wednesday, July 24th. Wells Fargo & Co began coverage on shares of Synopsys in a research report on Tuesday, May 14th. They set an outperform rating and a $135.00 target price on the stock. Finally, BidaskClub lowered shares of Synopsys from a buy rating to a hold rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $128.00.
NASDAQ SNPS traded up $1.88 during trading hours on Wednesday, hitting $131.84. The company’s stock had a trading volume of 1,059,190 shares, compared to its average volume of 1,117,929. The stock has a fifty day moving average of $133.30 and a 200 day moving average of $119.17. Synopsys has a twelve month low of $79.14 and a twelve month high of $138.72. The firm has a market capitalization of $19.76 billion, a P/E ratio of 46.75, a PEG ratio of 3.87 and a beta of 1.27. The company has a quick ratio of 0.85, a current ratio of 0.95 and a debt-to-equity ratio of 0.03.
In other Synopsys news, CEO Chi-Foon Chan sold 5,105 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $117.15, for a total value of $598,050.75. Following the completion of the sale, the chief executive officer now owns 204,117 shares of the company’s stock, valued at $23,912,306.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Geus Aart De sold 156,100 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $117.15, for a total transaction of $18,287,115.00. Following the completion of the sale, the chairman now directly owns 189,894 shares of the company’s stock, valued at approximately $22,246,082.10. The disclosure for this sale can be found here. Insiders sold 207,180 shares of company stock worth $24,653,559 over the last 90 days. 1.84% of the stock is currently owned by company insiders.
Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; 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.
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