Wall Street brokerages forecast that Synopsys, Inc. (NASDAQ:SNPS) will report sales of $794.55 million for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Synopsys’ earnings. The lowest sales estimate is $791.40 million and the highest is $796.58 million. Synopsys reported sales of $696.64 million during the same quarter last year, which indicates a positive year over year growth rate of 14.1%. The business is scheduled to report its next earnings report after the market closes on Wednesday, December 5th.
On average, analysts expect that Synopsys will report full year sales of $3.12 billion for the current year. For the next year, analysts forecast that the company will report sales of $3.28 billion, with estimates ranging from $3.23 billion to $3.35 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Synopsys.
A number of equities research analysts recently issued reports on SNPS shares. JPMorgan Chase & Co. upgraded Synopsys from an “underweight” rating to a “neutral” rating and set a $98.00 price objective on the stock in a research report on Tuesday, October 23rd. KeyCorp increased their price objective on Synopsys from $112.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, August 23rd. BidaskClub downgraded Synopsys from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 19th. Needham & Company LLC reiterated a “buy” rating and issued a $105.00 price objective (up previously from $100.00) on shares of Synopsys in a research report on Thursday, August 23rd. Finally, Zacks Investment Research upgraded Synopsys from a “hold” rating to a “buy” rating and set a $99.00 price objective on the stock in a research report on Tuesday, October 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $108.50.
In other Synopsys news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $102.00, for a total transaction of $1,020,000.00. Following the sale, the general counsel now owns 22,322 shares in the company, valued at $2,276,844. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.84% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ancora Advisors LLC purchased a new position in shares of Synopsys in the third quarter worth about $101,000. Fort L.P. purchased a new position in shares of Synopsys in the second quarter worth about $117,000. Piedmont Investment Advisors LLC purchased a new position in shares of Synopsys in the second quarter worth about $149,000. Diversified Trust Co purchased a new position in shares of Synopsys in the third quarter worth about $200,000. Finally, IFP Advisors Inc increased its holdings in shares of Synopsys by 264.0% in the third quarter. IFP Advisors Inc now owns 2,042 shares of the semiconductor company’s stock worth $201,000 after buying an additional 1,481 shares during the period. Institutional investors and hedge funds own 91.70% of the company’s stock.
Synopsys, Inc provides electronic design automation (EDA) software products used to design and test integrated circuits (ICs). It offers Galaxy Design platform that offers IC design solutions; 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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