tiprankstipranks
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

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More