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Shares of Synopsys, Inc. (SNPS - Free Report) appreciated 1.8% on Thursday after the electronic design automation (EDA) software provider announced the initiation of an accelerated share repurchase (ASR) program and a partnership with Samsung.
Continuing with its efforts to enhance shareholder value, Synopsys announced that it will buy back $175 million worth of its common stocks under an ASR program. This initiative reflects the company’s sound financial position and favorable prospects.
Synopsys announced an agreement with Mizuho Markets Americas LLC in this connection. Per the agreement, the company will receive 521,000 shares upfront, while it will receive the remaining shares upon the completion of the program, on or before Aug 18.
The number of shares to be repurchased will be calculated on the basis of the company’s volume-weighted average share price during the transaction period, after adjusting for a discount.
Synopsys is known to return cash to investors through share repurchases. According to the company, accelerated share repurchase (ASR) arrangements are an integral element of its overall framework for enhancing investors’ worth. During fiscal 2020, the company has repurchased stocks worth $242 million.
In addition to the share buyback announcement, Synopsys revealed on the same day that its machine learning technology-based design solution, PrimeShield, has been adopted by Samsung and integrated into its advanced process technologies for next-generation designs across mobile, 5G and automotive applications.
Notably, PrimeShield is part of the Synopsys Fusion Design Platform, which is a major revenue generator for the company. In January this year, Sondrel has adopted the Synopsys Fusion Design and Verification Continuum platforms to accelerate the design and verification of large, complex system-on-chip (SoC) designs for automotive, AI, machine learning, IoT, consumer AR/VR gaming, and security applications.
In the current economic scenario, as customers are strengthening their supplier relationships and focusing on cost efficiencies, many have selected Synopsys as their primary EDA partner. The company’s relationships with firms such as Advanced Micro Devices (AMD - Free Report) , Juniper Networks (JNPR - Free Report) , Realtek, Teradici, NetLogic Microsystems, Toshiba (TOSYY - Free Report) and Wolfson stand as evidence.
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Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Shutterstock
Synopsys (SNPS) Announces Share Buyback & Key Partnership
Shares of Synopsys, Inc. (SNPS - Free Report) appreciated 1.8% on Thursday after the electronic design automation (EDA) software provider announced the initiation of an accelerated share repurchase (ASR) program and a partnership with Samsung.
Continuing with its efforts to enhance shareholder value, Synopsys announced that it will buy back $175 million worth of its common stocks under an ASR program. This initiative reflects the company’s sound financial position and favorable prospects.
Synopsys announced an agreement with Mizuho Markets Americas LLC in this connection. Per the agreement, the company will receive 521,000 shares upfront, while it will receive the remaining shares upon the completion of the program, on or before Aug 18.
The number of shares to be repurchased will be calculated on the basis of the company’s volume-weighted average share price during the transaction period, after adjusting for a discount.
Synopsys is known to return cash to investors through share repurchases. According to the company, accelerated share repurchase (ASR) arrangements are an integral element of its overall framework for enhancing investors’ worth. During fiscal 2020, the company has repurchased stocks worth $242 million.
Synopsys, Inc. Price and Consensus
Synopsys, Inc. price-consensus-chart | Synopsys, Inc. Quote
In addition to the share buyback announcement, Synopsys revealed on the same day that its machine learning technology-based design solution, PrimeShield, has been adopted by Samsung and integrated into its advanced process technologies for next-generation designs across mobile, 5G and automotive applications.
Notably, PrimeShield is part of the Synopsys Fusion Design Platform, which is a major revenue generator for the company. In January this year, Sondrel has adopted the Synopsys Fusion Design and Verification Continuum platforms to accelerate the design and verification of large, complex system-on-chip (SoC) designs for automotive, AI, machine learning, IoT, consumer AR/VR gaming, and security applications.
In the current economic scenario, as customers are strengthening their supplier relationships and focusing on cost efficiencies, many have selected Synopsys as their primary EDA partner. The company’s relationships with firms such as Advanced Micro Devices (AMD - Free Report) , Juniper Networks (JNPR - Free Report) , Realtek, Teradici, NetLogic Microsystems, Toshiba (TOSYY - Free Report) and Wolfson stand as evidence.
Synopsys currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>