Synopsys (NASDAQ:SNPS) Updates FY 2022 Earnings Guidance

Synopsys (NASDAQ:SNPSGet Rating) updated its FY 2022 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $8.63-$8.70 for the period, compared to the consensus estimate of $7.90. The company issued revenue guidance of $5.00 billion-$5.05 billion, compared to the consensus revenue estimate of $4.81 billion.Synopsys also updated its Q3 2022 guidance to $2.01-$2.06 EPS.

SNPS opened at $319.20 on Wednesday. The stock has a market cap of $48.83 billion, a P/E ratio of 49.64, a P/E/G ratio of 2.62 and a beta of 1.21. The stock’s 50 day simple moving average is $302.23 and its 200 day simple moving average is $318.42. Synopsys has a 1-year low of $247.87 and a 1-year high of $377.60.

Synopsys (NASDAQ:SNPSGet Rating) last issued its earnings results on Wednesday, May 18th. The semiconductor company reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.09. Synopsys had a return on equity of 18.23% and a net margin of 21.19%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the company posted $1.24 EPS. As a group, equities analysts expect that Synopsys will post 6.29 earnings per share for the current fiscal year.

Several equities research analysts recently commented on the company. StockNews.com cut Synopsys from a strong-buy rating to a buy rating in a report on Tuesday, May 3rd. Atlantic Securities decreased their price target on shares of Synopsys to $350.00 and set a na rating on the stock in a research report on Thursday, May 19th. UBS Group decreased their price target on shares of Synopsys to $360.00 and set a hold rating on the stock in a research report on Thursday, May 19th. Needham & Company LLC lifted their price target on shares of Synopsys from $370.00 to $380.00 and gave the stock a buy rating in a research report on Thursday, May 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Synopsys from $415.00 to $375.00 and set an overweight rating on the stock in a research report on Thursday, May 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $377.45.

In other news, CRO Joseph W. Logan sold 53,706 shares of the firm’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $299.12, for a total transaction of $16,064,538.72. Following the completion of the sale, the executive now owns 99,907 shares in the company, valued at approximately $29,884,181.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Trac Pham sold 49,072 shares of the firm’s stock in a transaction dated Thursday, May 26th. The stock was sold at an average price of $305.00, for a total transaction of $14,966,960.00. Following the sale, the chief financial officer now owns 58,204 shares of the company’s stock, valued at approximately $17,752,220. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SNPS. Covestor Ltd grew its holdings in Synopsys by 18.9% during the 1st quarter. Covestor Ltd now owns 271 shares of the semiconductor company’s stock worth $90,000 after acquiring an additional 43 shares during the last quarter. Lido Advisors LLC lifted its position in shares of Synopsys by 5.9% during the 1st quarter. Lido Advisors LLC now owns 859 shares of the semiconductor company’s stock valued at $286,000 after acquiring an additional 48 shares during the period. KC Investment Advisors LLC raised its holdings in Synopsys by 7.2% during the first quarter. KC Investment Advisors LLC now owns 968 shares of the semiconductor company’s stock worth $323,000 after buying an additional 65 shares during the last quarter. SVB Wealth LLC raised its holdings in Synopsys by 5.7% during the first quarter. SVB Wealth LLC now owns 1,772 shares of the semiconductor company’s stock worth $591,000 after buying an additional 96 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Synopsys by 15.5% in the 1st quarter. Orion Portfolio Solutions LLC now owns 1,071 shares of the semiconductor company’s stock worth $357,000 after acquiring an additional 144 shares in the last quarter. 84.71% of the stock is currently owned by institutional investors.

About Synopsys (Get Rating)

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that 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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