Dernières nouvelles pour Synopsys (NASDAQ:SNPS) Stock

Synopsys

Synopsys is a provider of electronic design automation software, intellectual property, and software integrity products. EDA software automates the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. The firm's growing SI business allows customers to continuously manage and test the code base for security and quality. Synopsys' comprehensive portfolio is benefiting from a mutual convergence of semiconductor companies moving up-stack toward systems-like companies, and systems companies moving down-stack toward in-house chip design. The resulting expansion in EDA customers alongside secular digitalization of various end markets benefits EDA vendors like Synopsys.

Synopsys Inc

SYNOPSYS ORD

Synopsys (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snps#NASDAQ">SNPS</a>) shares have experienced a pullback in recent times, with shares now trading 19.7% below its 52-week high of $629.38 achieved on Sept. 30.
Over the past three months, Synopsys shares have plunged 16.9%, underperforming the broader Zacks Computer &amp; Technology Sector&#39;s decline of 1.1% and the Zacks Computer &ndash; Software industry&#39;s fall of 2.7%.
Synopsys is currently facing several challenges, including a rise in cost of revenues and operating expenses. In the third quarter of fiscal 2024, these costs increased to $1.17 billion compared to $1.01 billion in the same period last year. This sharp rise has raised concerns about the company&#39;s ability to manage its rising costs effectively.
SNPS faces intense competition in the semiconductor and electronic design automation (EDA) space, which has been a headwind. Delays in realizing synergies from recent acquisitions have been a concern.
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<h2>Synopsys, Inc. Price and Consensus</h2>
<img alt="Synopsys, Inc. Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/2b/1727786842.png" style="height:278px; width:620px" title="" />
Synopsys, Inc. price-consensus-chart | Synopsys, Inc. Quote
Does the dip in SNPS shares make the stock attractive? Let&#39;s analyze.
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<h2>Synopsys Prospects Ride on Strong Portfolio</h2>
Synopsys&#39; innovative product lineup is expected to boost its prospects. The shift toward hybrid working is driving demand for higher bandwidth, which bodes well for the company&#39;s solutions. The rising demand for AI, 5G and IoT benefits SNPS&#39; prospects.
Synopsys reported strong revenues in the third quarter of fiscal 2024, with revenues increasing 13% year over year to $1.53 billion, in line with the Zacks Consensus Estimate.
SNPS anticipates achieving approximately 15% revenue growth for fiscal 2024. For fiscal 2024, it expects revenues between $6.105 billion and $6.135 billion.
The Zacks Consensus Estimate for revenues is pegged at $6.13 billion, indicating year-over-year growth of 4.93%.
For fiscal 2024, non-GAAP earnings are expected in the range of $13.07-$13.12 per share. The consensus mark for earnings is pegged at $13.12 per share, unchanged over the past 30 days.
For the fourth quarter of 2024, Synopsys expects revenues between $1.614 billion and $1.644 billion. The Zacks Consensus Estimate for fourth-quarter fiscal 2024 is currently pegged at 3.28 per share, up by a penny over the past 30 days.
Non-GAAP earnings are expected to be between $3.27 per share and $3.32 per share. The consensus mark for fourth-quarter fiscal 2024 revenues is pegged at $1.62 billion, indicating year-over-year growth of 1.01%.
<h2>Will Acquisitions Help SNPS Stock Rebound?</h2>
Synopsys has made several acquisitions to expand its product portfolio and drive growth. Over the past five years, it acquired more than 15 companies, including Intrinsic ID and Valtrix in 2024.&nbsp;
Synopsys is in the process of acquiring ANSYS (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/anss#NASDAQ">ANSS</a>), a move designed to strengthen its Silicon to Systems strategy, particularly in sectors such as automotive, aerospace and industrial. This acquisition is expected to expand Synopsys&#39; customer base and enhance its product offerings.
<h2>Slowing Top-Line Growth, Stiff Competition Concerns for SNPS</h2>
Synopsys&#39; Design Automation segment saw slower growth in the third quarter of fiscal 2024. Revenues from this segment increased a modest 6% year over year, reaching $1.06 billion. In comparison, the same segment saw 23% growth in the third quarter of fiscal 2023, reaching $1.0 billion.
This downturn was due to tough competition in the EDA market, where Synopsys competes with major players like Cadence Design Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdns#NASDAQ">CDNS</a>) and Mentor Graphics.&nbsp;
Unfavorable forex and a challenging macroeconomic environment are major deterrents for investors.
<h2>Zacks Rank &amp; Valuation</h2>
Synopsys currently carries a Zacks Rank #3 (Hold), suggesting that it may be wise to wait for a more favorable entry point in the stock.
Its Value Score of D indicates a stretched valuation at this moment.
In terms of forward Price/Earnings, SNPS is currently trading at 34.82X, higher than the broader sector&#39;s 32.33X.
<h2>A Top-Ranked Stock to Consider</h2>
Progress Software (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/prgs#NASDAQ">PRGS</a>) is a better-ranked stock in the broader sector, sporting a Zacks Rank #1 (Strong Buy).
Long term earnings growth rate is currently pegged at 2%. Progress Software shares have appreciated 23.2% year to date.
<a href="https://www.zacks.com/stock/news/2344135/snps-drops-20-from-52-week-high-is-the-stock-worth-buying-on-dip?cid=CS-BENZ-FT-analyst_blog|rank_focused-2344135">To read this article on Zacks.com click here.</a>

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SNPS

SNPS Drops 20% From 52-Week High: Is the Stock Worth Buying on Dip?

On Wednesday, Synopsys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n41033101/synopsys-and-tsmc-pave-the-path-for-trillion-transistor-ai-and-multi-die-chip-design" rel="noreferrer noopener">announced its continued</a> collaboration with Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) to deliver advanced EDA and IP solutions on the contract chipmaker&#8217;s most advanced process and 3DFabric technologies, accelerating innovation for AI and multi-die designs.
&#8220;Synopsys&#8217; certified Custom Compiler and PrimeSim solutions provide the performance and productivity gains that enable our designers to meet the silicon demands of high-performance analog design on the Taiwan Semiconductor N2 process,&#8221; said&nbsp;Ching San Wu, Corporate VP at MediaTek.
In addition, Synopsys is collaborating with Taiwan Semiconductor on the new backside routing capabilities.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/41007184/taiwan-semi-secures-7-5b-boost-for-arizona-expansion-aims-for-advanced-chip-production-report" rel="noreferrer noopener">Taiwan Semi Secures $7.5B Boost for Arizona Expansion, Aims for Advanced Chip Production: Report</a>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26082010/newplot-22.png" alt="" class="wp-image-567584" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26082010/newplot-22.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26082010/newplot-22-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
The electronic design automation company supports the contract chipmaker&#8217;s A16 process in the Synopsys digital design flow to address power distribution and signal routing for design performance efficiency and density optimization.&nbsp;
&#8220;Our collaboration with&nbsp;Synopsys and Taiwan Semiconductor exemplifies our collective commitment to driving innovation and enabling the future of AI and multi-die chip design,&#8221; said&nbsp;John Lee, vice president and general manager of the semiconductor, electronics, and optics business at Ansys Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANSS#NASDAQ">ANSS</a>).
Ansys and Taiwan Semiconductor recently collaborated with Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to speed up <a target="_blank" href="https://www.benzinga.com/news/24/09/41008834/ansys-taiwan-semiconductor-microsoft-team-up-to-supercharge-next-gen-chip-simulations" rel="noreferrer noopener">photonic chip simulations</a>.
Semiconductor stocks, including Synopsys and Taiwan Semiconductor stocks, are trading upwards Thursday in solidarity with Micron Technology, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) <a target="_blank" href="https://www.benzinga.com/news/earnings/24/09/41034733/micron-q4-earnings-revenue-eps-beat-on-robust-ai-demand-company-sees-significantly-improved-profita" rel="noreferrer noopener">upbeat quarterly print</a>.
The <a target="_blank" href="https://www.benzinga.com/government/24/09/40938590/whats-going-on-with-ai-related-stocks-nvidia-amd-broadcom-and-super-micro-on-thursday" rel="noreferrer noopener">semiconductor industry is</a> riding high on the AI wave, and the U.S. Fed rate cuts are providing an additional tailwind for the sector.
Investors can gain exposure to the semiconductor sector through VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) and iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>).
Price Actions: At the last check on Thursday, SNPS stock was up 0.90% at $514.95, and TSM stock was up 1.99% at $185.99.

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iShares PHLX SOX Semiconductor Sector Index Fund

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Synopsys Partners With Taiwan Semi To Power Next-Gen AI Chip Innovations

Synopsys And TSMC Collaborate To Advance Trillion-Transistor AI And Multi-Die Chip Design With Optimized EDA And IP Solutions For N2 And A16 Processes; Address Thermal, Power, And System Performance Challenges

Synopsys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) has outperformed the market over the past 20 years by 10.25% on an annualized basis producing an average annual return of 18.66%. Currently, Synopsys has a market capitalization of $77.89 billion. 
Buying $1000 In SNPS: If an investor had bought $1000 of SNPS stock 20 years ago, it would be worth $32,172.59 today based on a price of $507.04 for SNPS at the time of writing.
<h3>Synopsys's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727197220_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Synopsys Stock In The Last 20 Years

It has been about a month since the last earnings report for Synopsys (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snps#NASDAQ">SNPS</a>). Shares have lost about 6.2% in that time frame, underperforming the S&amp;P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Synopsys due for a breakout? Before we dive into how investors and analysts have reacted as of late, let&#39;s take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
<h3>Synopsys Q3 Earnings Beat Estimates, Revenues Rise Y/Y</h3>
Synopsys reported better-than-expected earnings for the third quarter of fiscal 2024. The company&#39;s fiscal third-quarter non-GAAP earnings per share of $3.43 surpassed the Zacks Consensus Estimate of $3.28. The bottom line improved 27% year over year, primarily driven by higher revenues and better cost management.
Revenues jumped 13% year over year to $1.53 billion and came in line with the Zacks Consensus Estimate. The top line was driven by growth across multiple business segments.
Synopsys&#39; revenue growth was driven by ongoing investments from semiconductor and systems companies in its solutions to enhance its R&amp;D capabilities.
Synopsys revealed that it has presented the Software Integrity business as a discontinued operation in its consolidated financial statements for all periods due to its ongoing divestment. Notably, the company has agreed to sell its Software Integrity business to Clearlake Capital and Francisco Partners in a deal worth $2.1 billion.
<h3>Quarter in Detail</h3>
In the license-type revenue group, Time-Based Product revenues (52.6% of the total revenues) of $803.1 million were down by 2.9% year over year. Upfront Product revenues (29%) moved upward by 51.2% to $442.5 million. Maintenance and Service revenues (18.4%) increased 19.5% to $280.1 million from the year-ago quarter&#39;s $234.3 million.
Segment-wise, Electronic Design Automation (&quot;EDA&quot;) revenues (66.9% of revenues) were $1.02 billion, up 4.9% year over year. Design IP revenues (30.4% of revenues) amounted to $463.1 million. Other revenues were $42.5 million, representing 2.7% of the total revenues.
Geographically, Synopsys&#39; revenues in North America (44% of the total) and Europe (9%) were $672.6 million and $144.6 million, respectively. Revenues from Korea (13%), China (17%) and other (16%) were $194.8 million, $266.7 million and $247 million, respectively.
The non-GAAP operating margin was 40%, expanding 360 basis points (bps) year over year.
Synopsys&#39; EDA&#39;s adjusted operating margin rose 70 bps to 41.5%. The Design IP segment&#39;s margin showed a massive improvement to 36.7% from 23.6% in the year-ago quarter.
<h3>Balance Sheet &amp; Cash Flow</h3>
Synopsys had cash and short-term investments of $1.99 billion as of Jul 31, 2024, compared with $1.66 billion as of Apr 30, 2024.
The total long-term debt was $15.6 million at the end of the reported quarter, which decreased from $17 million reported in the previous quarter.
The company&#39;s cash flow from operating activities, including discontinued operations, was $844.2 million in the first nine months compared with the year-ago quarter&#39;s cash flow of $1.37 billion.
<h3>Guidance Update</h3>
For fiscal 2024, SNPS expects revenues between $6.105 billion and $6.135 billion compared with the previously announced guidance of $6.09-$6.15 billion. Non-GAAP earnings are expected in the range of $13.07-$13.12 compared with the previous guidance of $12.9-$12.98. Non-GAAP expenses are now expected in the range of $3.76-$3.77 billion compared with the previously projected range of $3.77-$3.81 billion.
For the fourth quarter of fiscal 2024, Synopsys expects revenues between $1.614 billion and $1.644 billion. Management estimates non-GAAP EPS between $3.27 and $3.32. Non-GAAP expenses are anticipated in the band of $1.027-$1.037 billion.
<h2>How Have Estimates Been Moving Since Then?</h2>
It turns out, fresh estimates flatlined during the past month.
The consensus estimate has shifted -5.87% due to these changes.
<h2>VGM Scores</h2>
Currently, Synopsys has a subpar Growth Score of D, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren&#39;t focused on one strategy, this score is the one you should be interested in.
<h2>Outlook</h2>
Synopsys has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
<a href="https://www.zacks.com/stock/news/2339319/synopsys-snps-down-6-2-since-last-earnings-report-can-it-rebound?cid=CS-BENZ-FT-realtime_blog-2339319">To read this article on Zacks.com click here.</a>

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Synopsys Down 6.2% Since Last Earnings Report: Can It Rebound?

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Synopsys To Sell Optical Solutions Group To Keysight Technologies, Terms Not Disclosed

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Shares of software companies are trading higher amid overall market strength following Wednesday's Fed rate cut.

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Shares of companies within the broader technology sector are trading higher amid strength in the overall market, which may be gaining amid strength with NVIDIA and other chip stocks. At the ABC 2024 Presidential Debate, Vice President Harris said she wants to invest in American-based technology to win the race on AI and quantum computing.

ImSym - Imaging System Simulator Offers Accuracy, Accelerated Time-to-Market, and Enhanced Team Collaboration

Synopsys Launches ImSym

<ul>
<li>Industry&#39;s first complete 40G UCIe IP solution, including controller, PHY, and verification IP, enables fast connectivity between heterogeneous and homogeneous dies</li>
<li>Synopsys 40G UCIe PHY IP offers&nbsp;25%&nbsp;higher bandwidth than the UCIe specification without impact on energy efficiency and silicon footprint</li>
<li>Integrated signal integrity monitors and testability features improve multi-die package reliability and enable in-field monitoring throughout the silicon lifecycle</li>
<li>Synopsys 40G UCIe IP is built on a silicon-proven architecture with interoperability success in multiple advanced foundry processes</li>
</ul>

Reported Earlier, Synopsys Unveils Industry-First 40G UCIe IP Solution, Revolutionizing Die-to-Die Connectivity For AI Data Centers

Synopsys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) has outperformed the market over the past 5 years by 15.6% on an annualized basis producing an average annual return of 28.62%. Currently, Synopsys has a market capitalization of $73.12 billion. 
Buying $1000 In SNPS: If an investor had bought $1000 of SNPS stock 5 years ago, it would be worth $3,369.89 today based on a price of $476.03 for SNPS at the time of writing.
<h3>Synopsys's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725568214_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 5 Years Ago Would Be Worth $3,400 Today

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Shares of software companies are trading lower amid overall market weakness. Weakness may be due to August's ISM Manufacturing PMI data indicating an economic contraction.

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and global chip designers&nbsp;and suppliers are accelerating the development of next-generation silicon photonic solutions over the next three to five years to address the massive energy and faster data transmission speeds needed by AI computing.
Building an ecosystem for the technology mandated participation from design software suppliers Synopsys, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) and Cadence Design Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) and chip developers Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), AI server makers Foxconn and Quanta Computer, K.C. Hsu, vice president of integrated interconnect and packaging at Taiwan Semiconductor <a target="_blank" href="https://asia.nikkei.com/Business/Technology/TSMC-aims-to-ready-next-gen-silicon-photonics-for-AI-in-5-years#:~:text=TAIPEI%20%2D%2D%20Taiwan%20Semiconductor%20Manufacturing,next%20three%20to%20five%20years." rel="noreferrer noopener">told</a> Nikkei Asia at a technology forum. Taiwan Semiconductor stock is trading lower on Tuesday premarket.
Hsu told Nikkei Asia that the silicon photonics market will grow at an annual compound rate of 40%, between 2023-28 to $500 million thanks to the demand for high data rate modules for increased fiber-optic network capacity, especially pluggable and co-packaged optics (CPO).
Rachid Taibi, general manager of the business unit at chip materials provider Soitec, told Nikkei that big tech giants, including Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), are among those backing CPO technology development.
Taiwan&#8217;s Economy Minister, Kuo Jyh-huei, <a target="_blank" href="https://www.benzinga.com/news/24/09/40673345/trump-misunderstands-taiwans-role-in-chip-industry-says-economy-minister-the-president-has-a-lot-on" rel="noreferrer noopener">recently countered former</a> President Donald Trump&#8217;s claims that Taiwan had taken away American semiconductor jobs. He flagged Taiwan Semiconductor&#8217;s significant investments in U.S. facilities, including $65 billion for new plants in Arizona.
Taiwan Semiconductor stock gained 82% in the last 12 months. Investors can gain exposure to the stock through iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) and First Trust NASDAQ Technology Dividend Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDIV#NASDAQ">TDIV</a>).
Price Action:&nbsp;TSM stock is down 1.77% at $168.66 premarket at the last check Tuesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40576490/taiwan-semiconductor-leads-foundry-market-samsung-and-intel-ramp-up-advanced-process-efforts-report" target="_blank" rel="noreferrer noopener">Taiwan Semiconductor Leads Foundry Market, Samsung and Intel Ramp Up Advanced Process Efforts: Report</a></li>
</ul>
Photo by Jack Hong via Shutterstock

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What's Going On With Taiwan Semiconductor Stock On Tuesday?

Synopsys's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NYSE">SNPS</a>) short percent of float has fallen 15.2% since its last report. The company recently reported that it has 3.23 million shares sold short, which is 2.12% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.37 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Synopsys Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724425220_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Synopsys has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Synopsys's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Synopsys's peer group average for short interest as a percentage of float is 2.66%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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(SNPS) - Analyzing Synopsys's Short Interest

Rosenblatt analyst Blair Abernethy maintains Synopsys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) with a Buy and maintains $635 price target.

Price Target

Rosenblatt Maintains Buy on Synopsys, Maintains $635 Price Target

Wall Street faced a downturn on Thursday as traders exercised caution ahead of Federal Reserve Chair Jerome Powell&#8217;s speech at the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40466528/jackson-hole-preview-5-important-questions-ahead-of-jerome-powells-fed-speech"> Jackson Hole Symposium on Friday.</a>
Powell is anticipated to signal a potential rate cut in September, but market sentiment currently favors a smaller 25-basis-point reduction rather than a more substantial 50-basis-point cut.
On Thursday, economic data indicated that U.S. private sector activity surpassed expectations in August, according to the S&amp;P Global flash Purchasing Managers&#8217; Index (PMI). The growth was primarily driven by the services sector, which more than compensated for <a href="https://www.benzinga.com/news/24/08/40509090/august-services-growth-exceeds-expectations-as-manufacturing-slumps-inflation-gradually-eases-to-nor">the faster contraction in manufacturing.</a>
Major U.S. equity indices traded lower throughout the session, while the dollar and Treasury yields rebounded after four consecutive days of losses. 
The U.S. dollar rose nearly 0.4% against a basket of major currencies, and the yield on the 10-year Treasury note climbed six basis points. As a result, bonds fell, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) dropping 1.2%.
The energy sector emerged as the day&#8217;s top performer, buoyed by a more than 2% surge in oil prices. In contrast, natural gas plunged over 6% due to higher-than-expected inventory builds.
Gold also took a hit, declining over 1% and falling below the $2,500 per ounce threshold, weighed down by the strength of the dollar and rising Treasury yields. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1% to $60,000, failing to keep up with the Wednesday&#8217;s bullish momentum, which saw the largest cryptocurrency rise 3.6%.
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h1>
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<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,830.40</td>
<td>-0.1 %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,172.03</td>
<td>-0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,608.27</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,735.54</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated At 12:41 p.m. ET</figcaption></figure>
According to Benzinga Pro data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% lower to $559.92.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;eased 0.1% to $408.78.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.4% to $480.73.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 0.2% lower to $215.03.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, by 0.6%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down by 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) plummeted 12% as the<a href="https://www.benzinga.com/top-stories/24/08/40511947/investors-are-further-confused-on-snowflake-one-analyst-says-they-know-why"> guidance disappointed despite the company</a> reported stronger-than-expected results last quarter.</li>
<li>Other stocks reacting to corporate earnings were Zoom Video Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) up 13%; Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) down 1.77%; Agilent Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) up 0.36%; Nordson Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDSN#NASDAQ">NDSN</a>) up 2.06%, Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) down 7%; Viking Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIK#NYSE">VIK</a>), down 3.81% and BJs Wholesale Club Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), down 6.29%.</li>
<li>Major companies slated to report quarterly results after the close include Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>), Workday Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>), Ross Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROSS#NASDAQ">ROSS</a>), CAVA Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) and BILL Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BILL#NYSE">BILL</a>). </li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/markets/esg/24/08/40512436/rivian-hits-rough-patch-production-halts-leadership-shake-ups-dent-stock">Rivian Hits Rough Patch: Production Halts, Leadership Shake-Ups Dent Stock</a></li>
</ul>
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