Synopsys, Inc. (SNPS) Earns “Average” Rating from HSBC Holdings plc

HSBC Holdings plc reiterated their average rating on shares of Synopsys, Inc. (NASDAQ:SNPS) in a report published on Thursday, The Fly reports.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC restated a buy rating and issued a $77.00 price objective (up from $76.00) on shares of Synopsys in a research note on Thursday, May 18th. Royal Bank Of Canada boosted their price objective on Synopsys from $85.00 to $90.00 and gave the company an outperform rating in a research note on Thursday, August 17th. BidaskClub upgraded Synopsys from a buy rating to a strong-buy rating in a research note on Thursday, August 17th. Zacks Investment Research upgraded Synopsys from a hold rating to a buy rating and set a $86.00 price objective on the stock in a research note on Monday, August 21st. Finally, Pacific Crest restated an overweight rating and issued a $86.00 price objective (up from $78.00) on shares of Synopsys in a research note on Friday, May 19th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $83.38.

Synopsys (NASDAQ:SNPS) opened at 79.80 on Thursday. The firm has a market capitalization of $11.99 billion, a P/E ratio of 37.46 and a beta of 0.99. Synopsys has a 1-year low of $56.03 and a 1-year high of $80.70. The company has a 50 day moving average of $78.22 and a 200 day moving average of $74.52.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.92. The company had revenue of $695.40 million for the quarter, compared to analysts’ expectations of $691.22 million. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 EPS. On average, equities research analysts anticipate that Synopsys will post $3.31 earnings per share for the current year.

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Synopsys announced that its Board of Directors has initiated a share buyback plan on Friday, June 16th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

In other Synopsys news, EVP Joseph W. Logan sold 5,000 shares of Synopsys stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $76.99, for a total transaction of $384,950.00. Following the completion of the transaction, the executive vice president now owns 63,793 shares of the company’s stock, valued at approximately $4,911,423.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $77.50, for a total value of $290,625.00. Following the transaction, the chief executive officer now directly owns 200,429 shares of the company’s stock, valued at approximately $15,533,247.50. The disclosure for this sale can be found here. Insiders own 1.82% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Navellier & Associates Inc grew its holdings in Synopsys by 5.4% during the 2nd quarter. Navellier & Associates Inc now owns 76,265 shares of the semiconductor company’s stock valued at $5,562,000 after buying an additional 3,904 shares in the last quarter. USA Financial Portformulas Corp grew its holdings in Synopsys by 263.6% during the 2nd quarter. USA Financial Portformulas Corp now owns 51,258 shares of the semiconductor company’s stock valued at $3,738,000 after buying an additional 37,160 shares in the last quarter. Toronto Dominion Bank grew its holdings in Synopsys by 25.3% during the 2nd quarter. Toronto Dominion Bank now owns 50,922 shares of the semiconductor company’s stock valued at $3,714,000 after buying an additional 10,271 shares in the last quarter. Oak Associates Ltd. OH grew its holdings in Synopsys by 2.2% during the 2nd quarter. Oak Associates Ltd. OH now owns 220,800 shares of the semiconductor company’s stock valued at $16,103,000 after buying an additional 4,800 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new position in Synopsys during the 2nd quarter valued at about $366,000. 88.95% of the stock is owned by institutional investors and hedge funds.

Synopsys Company Profile

Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.

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