Why Synopsys (SNPS) Shares Are Shooting Higher Today - Synopsys (NASDAQ:SNPS)

Synopsys Inc SNPS disclosed an accelerated share repurchase agreement with Mizuho Markets Americas LLC to buyback its shares worth $300 million.
As per the terms, Synopsys will get total initial share delivery of about 645,000 shares, to be settled by August 11, 2023, upon completion of the repurchases.
Last week, the company reported Q2 FY23 revenues of $1.395 billion, exceeding the consensus of $1.380 billion and adjusted EPS of $2.54, beating the Street estimate of $2.46.
Operating cash flow stood at $817.7 million, and cash and cash equivalent was $1.7 billion at the end of the quarter.
The company expects an operating cash flow of around $1.650 billion at the end of the year.
Price Action: SNPS shares are trading higher by 11.3% at $440.17 on the last check Thursday.

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Why Synopsys Shares Are Shooting Higher Today