Synopsys, Inc. is an organization that makes software ( for designing and testing ICs), which are small electronic devices that power many technologies as well. The SNPS also provides products built on IP, which are ready-to use components that can be used in IC design. Synopsys, Inc. was first founded in December 1986 by four engineers: Aart J. de Geus, Bill Krieger, Dave Gregory, and Rick Rudell. The company’s headquarters are located in Sunnyvale, CA.
The SNPS stock had showed a good performance in the period ending july 2023 quarter, with a $1.49 Billion revenue and a net income of $336.25 Million. Furthermore, The company also managed to improve its profit margin to 22.59%, which was almost 3% higher than the previous quarter. The SNPS company estimates to earn $1.585 Billion by the next quarter in revenue.
The SNPS stock surpassed and jumped the analysts’ expectations for its EPS, which was $2.88 for the quarter that ended in July 2023. This was 5.13% higher than the estimated $2.74. The company has consistently beaten analysts’ estimates for its EPS in the past quarters, showing its financial and fundamental strength. The company forecasts to have an EPS of $11.08 in the next upcoming quarter.
As per the recent quarterly balance sheet of Synopsys stock, the company had total assets of $9.92 Billion and total liabilities of $3.92 Billion in the period ending July 2023. The company also displayed a consistent decrease in its ratio of debt-to-assets, which was 39.54% in the recent quarter. This gives an outlook that the SNPS company is efficient in managing its expenses and has no trouble paying off its debts.
Synopsys will announce its financial results for the next quarter of 2023 on Wednesday, November 29th, 2023, before the market opens.
The SNPS stock has a float of 151.159 Million shares and a market cap of $68.108 Billion. Synopsys stock’s earnings per share (EPS) for the trailing twelve months (TTM) is 6.79 and its price-to-earnings ratio (P/E) for the same period is 66.99.
SNPS Stock Price Technical Analysis in 1-D Timeframe
Synopsys’ stock has a CMP of $447.83 with an intraday gain of 0.22%. The stock’s average volume for the last 10 days is 745.999K and its current volume is 360.881K.
The share price of Synopsys has been impressive in the past few years with a strong uptrend that began in March 2020 from $104 and continued as more investors invested in the company.
However, the price faced some setbacks along the way as some investors engaged in panic selling or profit booking and the price dropped from its peak of $388 to $266. After November 2022, this setback was over and the price bounced back and rose remarkably, following the trendline support.
From the last couple of years showing remarkable growth and still ascending from trendline support, SNPS displayed a positive performance on year-to-date growth of 38.65% and a modest six-month increase of 19.80%.
Major moving averages are highlighting the price trading between 20-day and 50-day at press time. MACD is highlighting a bearish cross and RSI is at 47 indicating mixed signals in price over the charts.
The stock ratings for Synopsys stock are very positive and highly recommended by 15 analysts who have evaluated it in the last three months. The 1-year price forecasts for Synopsys stock by 13 analysts range between $465 to $515, with a high potential for growth.
Synopsys Inc. (NASDAQ: SNPS) chart indicates that traders and investors of the SNPS stock price are bullish on the 1-D time frame. The price action shows a bullish outlook as the price is above the dominant trendline, at the time of publishing. However, technical analysis tools of Synopsys’ stock price suggest mixed and unclear signals.
Support levels: $435 and $425
Resistance levels: $452 and $465
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