tiprankstipranks
Synopsys Delivers Solid Q2 Results; Raises Guidance
Market News

Synopsys Delivers Solid Q2 Results; Raises Guidance

Synopsys (SNPS) delivered stronger-than-expected Fiscal Q1 2022 results attributed to strength across all product groups and geographies. Revenue and earnings came in above guidance targets and topped analysts’ estimates. SNPS shares rose 0.21% to close at $306.79 on February 16.

Synopsys is a software company that develops electronic products and software applications. It operates through the Semiconductor & System Design and Software Integrity segments.

Revenue in the quarter increased to $1.20 billion from $970.3 million a year ago, in line with consensus estimates. Adjusted net income landed at $376.9 million, an increase from $239.5 million delivered in the same quarter last year.

Synopsys posted diluted earnings per share (EPS) of $2.40, an improvement from $1.52 delivered in the same quarter last year and better than consensus estimates of $2.37. During the quarter, the company returned $250 million to shareholders through stock buybacks.

The company also raised its full-year outlook. It expects Fiscal Q2 2022 revenue to range between $1.24 billion and $1.27 billion. Full-year revenue is expected to range between $4.78 billion and $4.82 billion. Q2 EPS is expected at between $2.35 and $2.40 and between $7.85 and $7.92 for the full year.

Stock Rating

Last week Rosenblatt Securities analyst Blair Abernethy reiterated a Buy rating on Synopsys stock with a $385 price target, implying 25.49% upside potential to current levels.

Consensus among analysts is a Strong Buy based on 9 Buys and 1 sell. The average Synopsys price target of $388.70 implies 26.70% upside potential to current levels.

Download the TipRanks mobile app now

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Read full Disclaimer & Disclosure.

Related News:
Fastly Sinks More Than 27% Despite Upbeat Q4 Results
Nvidia Partners with Jaguar Land Rover To Enable AI-Powered Vehicles
CyrusOne Reports Mixed Q4 Results

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles