Synopsys (NASDAQ:SNPS) reported Q1 EPS of $0.56, better than analyst estimates of $0.52 per share. Revenues for the quarter rose 16.7% year-over-year to $425.50 million, better than consensus estimates of $416.53 million.
"Business in fiscal Q1 was strong and broad based. Combined with a solid outlook for the rest of the year, our results allow us to raise our outlook for fiscal 2012, independent of any impact from the Magma Design Automation acquisition," said Aart de Geus, chairman and CEO of Synopsys. "Customers are aggressively moving to develop advanced new products, and demand for our technology and support is high. We expect the acquisition of Magma, which closed today, will enable us to accelerate delivery of state-of-the art technology to our customers."
Synopsys (NASDAQ:SNPS) has potential upside of 11% based on a current price of $30.63 and an average consensus analyst price target of $34.
Synopsys is currently above its 50-day moving average (MA) of $28.36 and above its 200-day of $26.33.
In the last five trading sessions, the 50-day MA has climbed 0.39% while the 200-day MA has remained constant.
Synopsys, Inc. supplies electronic design automation solutions to the global electronics market. The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.
