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Investors Business Daily
Investors Business Daily
Business
INVESTOR'S BUSINESS DAILY and JAMES DETAR

Synopsys Stock Closes In On Key Threshold After Naming CFO

Synopsys is a leading maker of gear that helps chipmakers make semiconductors. It's approaching a key rating threshold after a major executive change. On Tuesday the Relative Strength Rating for the Mountain View, Calif.-based company improved to 77, up 14 points from the day before. Synopsys stock rose.

The 77 RS Rating means that highly ranked Synopsys is among the top 23% of all stocks when it comes to price performance. That puts it close to an exclusive group of the best stocks to buy and watch. Top-performing stocks tend to have an 80 or higher RS Rating as they launch their largest runs. See if Synopsys can continue to show renewed price strength and clear that threshold.

Looking For The Best Stocks To Buy And Watch? Start Here

Synopsys Stock Rising Toward All-Time High

Synopsys stock hit an all-time high at 391.17 on Aug. 15. It recently formed a cup-with-handle base but didn't break out. It's now building a flat base with a 364.09 buy point, and closed at 327.63 Tuesday, up a half point for the day. See if the stock can break out in heavy volume.

On Nov. 29 Synopsys named Shelagh Glaser its new chief financial officer, effective Dec. 2. Glaser replaced Trac Pham, who retired.

Prior to joining Synopsys, Glaser was chief financial officer/chief operating officer of Zendesk, a software-as-a-service company that was acquired last year. Before that she spent 29 years at chip giant Intel.

Hot Growth Cooled At End Of 2022

The company showed 5% EPS growth in its most recent report, to $1.91. That came on the heels of 58%, 47% and 16% earnings growth the prior three stanzas. Revenue last quarter grew 11% to $1.28 billion. Its revenue has been on a similar trajectory to its profit growth.

Synopsys stock holds the No. 4 rank among its peers in the Computer Software-Design industry group. Cadence Design Systems and PTC Inc. are also among the group's highest-rated stocks.

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