Synopsys saw its IBD SmartSelect Composite Rating jump to 96 Wednesday, up from 94 the day before.
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The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The top-performing stocks tend to have a 95 or better grade as they kick off a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Synopsys is now out of buy range after clearing the 573.77 entry in a cup without handle.
The stock sports a 91 EPS Rating, which means its recent quarterly and annual earnings growth is outpacing 91% of all stocks.
Its Accumulation/Distribution Rating of A shows heavy buying by institutional investors, such as mutual funds and pension funds, over the last 13 weeks.
The company reported 22% earnings-per-share growth for Q2. Sales growth climbed 10%, up from -4% in the prior quarter. That marks one quarter of rising revenue growth.
Synopsys earns the No. 3 rank among its peers in the Computer Software-Design industry group. Autodesk is the No. 1-ranked stock within the group.
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