Synopsys (NASDAQ:SNPS) Releases Q3 2024 Earnings Guidance

Synopsys (NASDAQ:SNPS - Get Free Report) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.250-3.300 for the period, compared to the consensus estimate of 3.220. The company issued revenue guidance of $1.5 billion-$1.5 billion, compared to the consensus revenue estimate of $1.6 billion. Synopsys also updated its FY 2024 guidance to 12.900-12.980 EPS.

Wall Street Analyst Weigh In

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

Synopsys Stock Up 0.3 %

Synopsys stock traded up $1.60 during trading hours on Wednesday, reaching $573.13. 1,001,060 shares of the company's stock were exchanged, compared to its average volume of 1,137,448. The firm's 50 day simple moving average is $557.38 and its 200 day simple moving average is $545.99. Synopsys has a twelve month low of $390.20 and a twelve month high of $629.38. The firm has a market capitalization of $87.40 billion, a PE ratio of 63.12, a PEG ratio of 3.35 and a beta of 1.07.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued 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 return on equity of 22.88% and a net margin of 22.96%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business posted $1.76 earnings per share. The business's revenue was up 15.2% on a year-over-year basis. Analysts anticipate that Synopsys will post 9.78 EPS for the current year.

Insiders Place Their Bets

In other news, insider John F. Runkel, Jr. sold 1,219 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $583.95, for a total transaction of $711,835.05. Following the transaction, the insider now owns 26,780 shares of the company's stock, valued at approximately $15,638,181. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider John F. Runkel, Jr. sold 1,219 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $583.95, for a total transaction of $711,835.05. Following the transaction, the insider now owns 26,780 shares of the company's stock, valued at approximately $15,638,181. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Runkel, Jr. sold 5,319 shares of the stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,832 shares of company stock worth $15,464,992. Company insiders own 0.66% of the company's stock.

About Synopsys

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.