Why Synopsys Stock Popped Today
Shares of Synopsys (NASDAQ: SNPS) are up 7.1% as of 3:45 p.m. ET Thursday after the electronic design automation specialist announced stronger-than-expected quarterly results and impressive guidance.
For its fiscal first quarter 2024 (ended Jan. 31, 2024), Synopsys' revenue grew 21.2% year over year to $1.649 billion, translating into adjusted (non-GAAP) net income of $553.7 million, or $3.56 per share. Analysts, on average, were looking for earnings of $3.41 per share on sales of $1.64 billion.
Synopsys CEO Sassine Ghazi called it "an excellent start to the year with strong execution across the company as AI continues to drive our customers' investments in silicon and systems that position them for future growth."
Source Fool.com
Synopsys Inc. Stock
€498.85
2.170%
The stock is an absolute favorite of our community with 26 Buy predictions and no Sell predictions.
As a result the target price of 567 € shows a slightly positive potential of 13.66% compared to the current price of 498.85 € for Synopsys Inc..
