Synopsys (SNPS) closed the most recent trading day at $370.01, moving +0.68% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.28%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.14%.Heading into today, shares of the maker of software used to test and develop chips had gained 22% over the past month, outpacing the Computer and Technology sector's gain of 8.21% and the S&P 500's gain of 8.35% in that time.Wall Street will be looking for positivity from Synopsys as it approaches its next earnings report date. In that report, analysts expect Synopsys to post earnings of $2.04 per share. This would mark year-over-year growth of 12.71%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.22 billion, up 15.64% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.67 per share and revenue of $4.96 billion. These totals would mark changes of +26.75% and +17.92%, respectively, from last year.It is also important to note the recent changes to analyst estimates for Synopsys. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Synopsys is currently sporting a Zacks Rank of #2 (Buy).Investors should also note Synopsys's current valuation metrics, including its Forward P/E ratio of 42.4. For comparison, its industry has an average Forward P/E of 27.68, which means Synopsys is trading at a premium to the group.Investors should also note that SNPS has a PEG ratio of 2.17 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software industry currently had an average PEG ratio of 2.36 as of yesterday's close.The Computer - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 133, putting it in the bottom 48% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Synopsys, Inc. (SNPS): Free Stock Analysis Report To read this article on Zacks.com click here.