Why Synopsys Shares Are Shooting Higher Today
Portfolio Pulse from Lekha Gupta
Synopsys Inc (NASDAQ:SNPS) has entered into an accelerated share repurchase agreement with Mizuho Markets Americas LLC to buy back $300 million worth of its shares. This follows the company's Q2 FY23 report, which exceeded revenue and EPS expectations.
May 25, 2023 | 4:31 pm
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POSITIVE IMPACT
Synopsys' accelerated share repurchase agreement and strong Q2 FY23 results have led to an 11.3% increase in its stock price.
Synopsys' announcement of a $300 million accelerated share repurchase agreement with Mizuho Markets Americas LLC has a direct positive impact on its stock price. Additionally, the company's Q2 FY23 results exceeded expectations, with revenues of $1.395 billion and adjusted EPS of $2.54, further boosting investor confidence and driving the stock price up by 11.3%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100