Synopsys (NASDAQ:SNPS) issues FY2024 revenue guidance

Synopsys (NASDAQ:SNPS – Get Your Free Report ) updated its FY2024 earnings guidance on Wednesday. The company provided an EPS estimate of 13,070-13,120 for the period, compared to the consensus estimate of 13,080. The company issued a revenue estimate of $6.1 billion – $6.1 billion, compared to the consensus revenue estimate of $6.1 billion. Synopsys also upgraded its Q4 guidance to $3.27-$3.32 EPS.

Analyst upgrades and downgrades

Several equities research analysts have covered the company. KeyCorp upped their target price on shares of Synopsys from $675.00 to $690.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. Needham & Company LLC reiterated a buy rating and issued a $640.00 target price on shares of Synopsys in a report on Thursday. Piper Sandler restated an overweight rating and set a $687.00 price objective on shares of Synopsys in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Synopsys from $650.00 to $655.00 and gave the stock an overweight rating in a report on Thursday, May 23rd. Finally, Rosenblatt Securities upped their target price on shares of Synopsys from $615.00 to $635.00 and gave the company a buy rating in a research report on Thursday, August 15th. Eleven analysts have rated the stock with a buy rating. Synopsys currently has a consensus rating of Buy and an average price target of $627.36, according to MarketBeat.com.

Get the latest stock report on SNPS

Synopsys trading rose 0.2%

SNPS traded up $1.32 during midday trading on Thursday, hitting $566.00. 182,066 shares of the company traded hands, compared to its average volume of 1,058,133. The firm has a market cap of $86.72 billion, a price-to-earnings ratio of 61.38, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. Synopsys has a 1 year low of $434.14 and a 1 year high of $629.38. The company’s 50-day simple moving average is $572.65, and its 200-day simple moving average is $566.66.

Synopsys (NASDAQ:SNPS – Get Your Free Report ) last announced its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. In the same quarter last year, the firm earned $1.76 EPS. Synopsys’s revenue for the quarter was up 15.2% year-over-year. On average, equities analysts anticipate that Synopsys will post 9.55 EPS for the current year.

Insider work at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the completion of the transaction, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $36,440,228.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. In other Synopsys news, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $582.90, for a total value of $722,213.10. Following the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at approximately $11,658,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $582.41, for a total value of $5,995,328.54. Following the completion of the sale, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $36,440,228.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,363 shares of company stock worth $49,361,263. 0.66% of shares are held by corporate insiders.

Synopsys Company Profile

(Get a free report)

Synopsys, Inc provides electronic design automation software products used for the design and test of integrated circuits. It operates in three segments: Design Automation, Design IP and Software Integrity. The company offers digital and custom IC design solutions that provide digital design implementation solutions; Verification solution providing virtual prototyping, static and formal verification, simulation, emulation, field-programmable gate array (FPGA)-based prototyping and debugging solutions; and FPGA design products that are programmed to perform specific functions.

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