Synopsys SNPS and Samsung have further strengthened their relationship with yet another important collaboration. Recently, Synopsys announced partnering with Samsung Foundry to roll out Samsung’s SAFE Cloud Design Platform. This platform has been designed as a ready-to-use cloud platform for Samsung Foundry customers and ecosystem partners.

The SAFE Cloud Design Platform will help teams design system-on-chips (SoC) on cloud by using Samsung Foundry’s process technology and Synopsys EDA (electronic design automation) products. Per the terms of the agreement, SAFE Cloud Design Platform users would have access to Synopsys’ Fusion Design and Verification Continuum platforms.

Samsung and Synopsys have a multi-year collaboration. Synopsys is one of the leading EDA partners in design and verification for Samsung Foundry. The companies announced their first cloud-enabled offerings in March 2019. Per the agreement terms, Synopsys and Samsung made available their respective EDA products and Samsung Foundry’s cutting-edge process technology on Synopsys Cloud Solution.

Synopsys, Inc. Price and Consensus

Synopsys, Inc. Price and Consensus

Synopsys, Inc. price-consensus-chart | Synopsys, Inc. Quote

Product Strength: A Catalyst

Synopsys is benefiting from increasing global design activity and customer engagements. Its penetration into new and growing AI chip entities is a major driver.

The emerging clout of AI, 5G and ADAS chip-set making is fueling demand for computational software tools, which favors Synopsys’ prospects. Given the company’s capability to cater to the growing complex design requirements of customers, we believe it is well poised to bank on this opportunity.

Notably, the coronavirus crisis has compelled governments all over to impose lockdown in a bid to contain its spread. Nevertheless, courtesy of the ongoing adoption of digital transformation, and evolving IT and networking infrastructure, majority of the companies are asking employees to work from their homes.

In the wake of the present scenario, Synopsys, with its promising fundamentals, is poised to grow.

Zacks Rank & Key Picks

Synopsys currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader computer technology sector are Atlassian TEAM, NVIDIA Corporation NVDA and Micron Technology MU. All these stocks carry a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The long-term earnings growth rate for Atlassian, NVIDIA and Micron is pegged at 22.6%, 16.9% and 10.3%, respectively.

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