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Synopsys (SNPS) Ascends While Market Falls: Some Facts to Note
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In the latest trading session, Synopsys (SNPS - Free Report) closed at $588.33, marking a +0.11% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.16% for the day. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq lost 0.06%.
Prior to today's trading, shares of the maker of software used to test and develop chips had lost 1.32% over the past month. This has lagged the Computer and Technology sector's gain of 0.47% and the S&P 500's gain of 1.96% in that time.
Investors will be eagerly watching for the performance of Synopsys in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 21, 2024. On that day, Synopsys is projected to report earnings of $3.26 per share, which would represent year-over-year growth of 13.19%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.53 billion, up 2.55% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $13.03 per share and a revenue of $6.19 billion, signifying shifts of +16.44% and +5.91%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Synopsys. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Synopsys is currently a Zacks Rank #3 (Hold).
In terms of valuation, Synopsys is presently being traded at a Forward P/E ratio of 45.1. This denotes a premium relative to the industry's average Forward P/E of 30.24.
Meanwhile, SNPS's PEG ratio is currently 2.81. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer - Software industry currently had an average PEG ratio of 2.47 as of yesterday's close.
The Computer - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 158, positioning it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Synopsys (SNPS) Ascends While Market Falls: Some Facts to Note
In the latest trading session, Synopsys (SNPS - Free Report) closed at $588.33, marking a +0.11% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.16% for the day. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq lost 0.06%.
Prior to today's trading, shares of the maker of software used to test and develop chips had lost 1.32% over the past month. This has lagged the Computer and Technology sector's gain of 0.47% and the S&P 500's gain of 1.96% in that time.
Investors will be eagerly watching for the performance of Synopsys in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 21, 2024. On that day, Synopsys is projected to report earnings of $3.26 per share, which would represent year-over-year growth of 13.19%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.53 billion, up 2.55% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $13.03 per share and a revenue of $6.19 billion, signifying shifts of +16.44% and +5.91%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Synopsys. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Synopsys is currently a Zacks Rank #3 (Hold).
In terms of valuation, Synopsys is presently being traded at a Forward P/E ratio of 45.1. This denotes a premium relative to the industry's average Forward P/E of 30.24.
Meanwhile, SNPS's PEG ratio is currently 2.81. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer - Software industry currently had an average PEG ratio of 2.47 as of yesterday's close.
The Computer - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 158, positioning it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.