Synopsys (SNPS) Stock Moves -0.28%: What You Should Know

Synopsys (SNPS) closed the latest trading day at $485.36, indicating a -0.28% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.43%. Meanwhile, the Dow lost 0.07%, and the Nasdaq, a tech-heavy index, lost 0.9%.Heading into today, shares of the maker of software used to test and develop chips had lost 13.99% over the past month, lagging the Computer and Technology sector's gain of 2.86% and the S&P 500's loss of 1.98% in that time.The investment community will be paying close attention to the earnings performance of Synopsys in its upcoming release. On that day, Synopsys is projected to report earnings of $3.44 per share, which would represent a year-over-year decline of 3.37%. In the meantime, our current consensus estimate forecasts the revenue to be $1.45 billion, indicating a 11.9% decline compared to the corresponding quarter of the prior year.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $14.91 per share and revenue of $6.77 billion, indicating changes of +12.95% and +8.04%, respectively, compared to the previous year.It's also important for investors to be aware of any recent modifications to analyst estimates for Synopsys. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 4.52% downward. Synopsys is currently a Zacks Rank #3 (Hold).Digging into valuation, Synopsys currently has a Forward P/E ratio of 32.65. This signifies a premium in comparison to the average Forward P/E of 32.22 for its industry.We can also see that SNPS currently has a PEG ratio of 2.27. 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. By the end of yesterday's trading, the Computer - Software industry had an average PEG ratio of 2.27.The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 79, finds itself in the top 32% echelons 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.You can find more information on all of these metrics, and much more, on Zacks.com.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Synopsys, Inc. (SNPS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks