12-15-017: Ansys, Inc. (ANSS): Simulation, Optimization and CAD Software

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Recommendation

Ansys, Inc.

Ansys, Inc. (ANSS) competes with a significant number of other engineering software developers for simulation and optimization programs which are licensed to major corporations for their use. Its somewhat esoteric descriptions of what it does on its website can leave the average investor somewhat mystified. There is a lot of "blurb" assocation with it.

The company appears to have strong fundamentals including little or no debt, and is aggressively making acquisitions of smaller companies to enhance its product line. The company's software is used in a very diversified array of applications from fluid dynamics to electromagnetics, heat transfer, electronics, computer aided drafting applications, and academic products used for research and teaching. It is based near Pittsburgh and has a close association with the state university there.

The company has an international presence and its software is licensed to multi-national corporations throughout the world. Ford Motor Co. is a big customer. It has a "who's who" list of other clients. The company was founded in 1970.

Earnings have consistently been growing very stabily. Like so many other American companies, it has been anticipating benefitting from Republican tax cuts at the expense of the Middle Class. Some say the p/e ratio will be cut in half by passage of the tax cut bill.

Holding our Decision Matrix rating back to an overall "sell" is a chart pattern which is looking very "toppy" and giving a large number of sell signals based upon various indicator systems. Major researchers such as Standard & Poor's and Market Grader do not favor the stock. S&P believes the stock is "over-valued" and sees risks due to too much dependence upon foreign customers with exposure there to CAD and simulation software competition, even though ANSS is a "leader."

Institutions are neutral to slight sellers, researchers analysts are marginally posiive. We feel management is over-compensated, but the company has a nice CEO Letter to Shareholders and glitzy annual report indicating concern there for investors, and the company has little or no debt.

Although it came out as a "sell" in our Decision Matrix due mainly to chart patterns, we like this company as a potential buy and hold. However, tech stocks have seen a great runnup and may be due for correction as a group. It seems best to wait to develop a little more upside momentum before plunging in.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Ansys, Inc. (ANSS)                                        Exchange: Nasdaq
Southpointe
2600 ANSYS Drive                 Sector: Technology
Canonsburg, PA 15317             Industry:Application Software

ANSYS, Inc. develops and markets engineering simulation software and
services used by engineers, designers, researchers, and students in the
aerospace and defense, automotive, industrial equipment, electronics,
biomedical, energy, materials and chemical processing, and
semiconductors industries and academia worldwide. The company offers
ANSYS Workbench, a framework upon which the company-Ęs engineering
simulation technologies are built; ANSYS Engineering Knowledge Manager,
a solution for simulation-based process and data management challenges;
and high-performance computing product suite that delivers cross-physics
parallel processing capabilities for simulation software. It also offers
geometry handling solutions; meshing technology that transforms a
physical model into a mathematical model; structural analysis product
suite for product design and optimization; explicit dynamics product
suite that simulates events; and composite analysis and optimization
technology, as well as customization services. In addition, the company
provides fluids product suite that enables modeling of fluid flow and
other related physical phenomena; electronics product suite that
provides field simulation software for designing electronic and
electromechanical products; and power analysis and optimization software
suite. Further, it offers system simulation capability, a collaborative
environment; ANSYS multiphysics software that enables to simulate
interactions between structures, heat transfer, fluids, and electronics
in a unified engineering simulation environment; AIM, a single-window
application integrating structural fluids and electromagnetics
simulation; SCADE, a solution for embedded software simulation and code
production; 3-D direct modeling technology providing a CAD-neutral
environment; and academic product suite with a portfolio of academic
products based on associate, research, and teaching. The company was
founded in 1970 and is headquartered in Canonsburg, Pennsylvania.

Last Trade: 146.13                           52-Week Range: 155.14 -  91.89
Employees: 2,900                             Avg.Volume:     509,632 Shares

Corporate Governance:
Pllar scores are Audit: 1; Board: 5; Shareholder Rights: 9; Compensation: 8.
         (A lower number means less governance risk.)

EPS:  3.18    Dividend Amount: $0.00              Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:  46.02              Forward P/E (est.):  34.61
                                           Target Price: 136.50

Qrtly Stock Price Growth (yoy):  53.95%               Beta:   1.04
Qrtly S&P Index   Growth (yoy):  12.10%        Short Ratio:   3.01%
    Qrtly Revenue Growth (yoy):  16.72%         Shares Out:  84860000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  26.96                    Debt/Equity:   0.00%
    Price/Book Value:   5.43        Operating Profit Margin:  37.60%
         Price/Sales:  11.68                  Profit Margin:  26.01%
         Market Cap:  12,423,000,000       Return on Equity:  12.25%
    Enterprise Value:  11,470,000,000      Return on Assets:   8.96%

    Operating Cash Flow:    417,020,000
         Free Cash Flow:    374,920,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                                988,465     942,753     936,021
  Cost of Revenue                              146,860     147,246     153,386
  Gross Profit                                 841,605     795,507     782,635

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            269,515     253,603     246,376
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                      12,755      19,394      23,388
  Total Operating Expenses                           0           0           0

Operating Income or Loss                       376,242     353,679     347,450

Income from Continuing Operations:
  Total Other Income/Expenses Net                4,294       3,411       1,468
  Earnings Before Interest & Taxes             380,536     357,090     348,918
  Interest Expense                                 221         325         779
  Income Before Taxes                          380,315     356,765     348,139
  Income Tax Expense                           114,679     104,244      93,449
  Minority Interest                                  0           0           0



Net Income from Continuing Op.s                265,636     252,521     254,690

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   265,636     252,521     254,690
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              265,636     252,521     254,690



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                               265,636       252,521       254,690

Operating Activities:
  Depreciation                              69,587        77,670        81,924
  Adjustments to Net Income                 16,572        13,296         6,443
  Changes in Accounts Recv'bls             -57,032       -11,618        -6,431
  Changes in Liabilities                    69,231        35,381        50,519
  Changes in Investories                         0             0             0
  Changes in other Oper'g Acts              -7,167           273        -1,838

Total Cash Flow f Operations               356,827       367,523       385,307

Investing Activities:
  Capital Exenditures                      -12,443       -16,145       -26,023
  Investments                                    0             0             0
  Other Cash Flows fr Investing            -19,730       -45,887      -103,247

Total Cash Flows from Investing            -32,173       -62,032      -129,270

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock               -282,524      -294,287      -190,470
  Net Borrowings                                 0             0             0
  Other Cash Flows fr Financing             -6,106        -5,640      -103,247

Total Cash Flows from Financing           -279,477      -291,751      -185,642

  Effect of Exchange Rate Chg               -6,866       -17,636       -24,817

Change in Cash & Cash Equiv.                38,311        -3,896        45,578



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                   822,479       784,168       788,064
  Short Term Investments                        381           446           714
  Net Receivables                           346,541       291,812       293,537
  Inventory                                       0             0             0
  Other Current Assets                            0             0             0
  Total Current Assets                    1,170,163     1,075,980     1,081,601

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                   54,677        61,924        64,643
  Goodwill                                1,337,215     1,332,348     1,312,182
  Intangible Assets                         172,619       220,553       259,312
  Accumulated Amortization                        0             0             0
  Other Assets                               24,287         5,757         6,187
  Deferred LT Asset Charges                  42,327        32,896        28,240

Total Assets                              2,800,526     2,729,904     2,752,879
Current Liabilities:
  Accounts Payable                          135,821       119,502       132,411
  Current Portion LT Debt                         0             0             0
  Other Current Liabilities                 403,279       364,644       332,664
  Total Current Liabilities                 539,100       484,146        465,075

  Long Term Debt                            135,821       119,502       132,411
  Other Liabilities                               0             0             0
  Deferred LT Liab. Charges                 403,279       364,644       332,664
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                           591,953       533,386       535,378

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                  932           932           932
  Retained Earnings                       2,057,665     1,792,029     1,539,508
  Treasury Stock                           -675,550      -440,839      -196,010
  Capital Surplus                           883,010       894,469       904,825
  Other Stockhohlder Equity                 -57,652       -52,164       -31,754
  Total Stockholder Equity                2,208,405     2,194,427     2,217,501

Net Tangible Assets                         698,571       641,526       646,007



Ansys, Inc. (ANSS)                          [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.6084          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    0.8090
Price/Sales Ratio < 2.3?   0.1969          Inventory/Sales < 5%?      1.0000
Sales < $1 Billion?        1.0117          Operating Margin < 7.5%?   0.1995

Balance Sheet Tests:
Debt/Equity < 0.40?        1.0000          Long-Term Debt Service:    3.0000
LTD Being Reduced?         0.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         1.0853          Working Capital >= 1.5?    0.7003
Leverage Ratio < 20%?      3.0000          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0000
Share Equity Increase:     1.9960          Market Cap.< 1.5 Billion?  0.1207
                                           Intangibles < 3% Assets?   0.0556
Income Tests:
Profit Margin < 7.5%?      3.0000          EPS Annual Growth > 10%?   0.0951
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?      0.1438
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.3517
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          1.6308          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               0.8320          % Held by Institut. < 50?  0.4916
50 Da MA > 200 Da MA?      0.3082          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500:  3.0000          Short Ratio > 5?           0.6020
Price/Book Value < 3?      0.5535          Short % of Float > 20?     0.0935
Return on Assets > 17%?    0.5271          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.1123          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  0.7533
                                           Cash Flow / Assets > 10%?  2.3870

ANSS   Ansys, Inc.                         Overall Zenith Index:      1.4016


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Financial Statements

ANSYS INC  (ANSS)                           INCOME STATEMENT

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                          798,017,984     861,260,032     936,020,992     942,753,024     988,465,024   1,063,542,016
Cost of revenue                                  139,516,000     146,692,000     153,386,000     147,246,000     146,860,000     148,330,000
Gross profit                                     658,502,016     714,568,000     782,635,008     795,507,008     841,604,992     915,212,032


Operating expenses
Research and development                         132,628,000     151,439,008     165,420,992     168,831,008     183,092,992     199,084,000
Sales, General and administrative                205,178,000     218,907,008     246,376,000     253,603,008     269,515,008     316,432,992
Other operating expenses                          26,443,000      22,359,000      23,388,000      19,394,000      12,755,000      12,680,000
Total operating expenses                         364,248,992     392,704,992     435,184,992     441,828,000     465,363,008     528,196,992

Operating income                                 294,252,992     321,863,008     347,449,984     353,679,008     376,241,984     387,015,008
Interest Expense                                   2,661,000       1,169,000         779,000         325,000         221,000               0
Other income (expense)                             1,955,000       1,795,000       1,468,000       3,411,000       4,294,000       4,415,000
Income before taxes                              293,547,008     322,488,992     348,139,008     356,764,992     380,315,008     391,430,016
Provision for income taxes                        90,064,000      77,162,000      93,449,000     104,244,000     114,679,000     114,781,000
Net income from continuing operations            203,483,008     245,327,008     254,690,000     252,520,992     265,636,000     276,648,992
Net income                                       203,483,008     245,327,008     254,690,000     252,520,992     265,636,000     276,648,992
Net income available to common shareholders      203,483,008     245,327,008     254,690,000     252,520,992     265,636,000     276,648,992

Earnings per share
Basic                                                   2.20            2.65            2.77            2.82            3.05            3.25 
Diluted                                                 2.14            2.58            2.70            2.76            2.99            3.18 

Weighted average shares outstanding
Basic                                             92,622,000      92,691,000      92,067,000      89,561,000      87,227,000      85,398,496
Diluted                                           94,954,000      95,139,000      94,194,000      91,502,000      88,969,000      87,129,248

____________________________________________________________________________________________________________________________________________


ANSYS INC  (ANSS)                           BALANCE SHEET

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Short-term investments                               452,000         500,000         714,000         446,000         381,000
Total cash                                       577,155,008     742,985,984     788,777,984     784,614,016     822,860,032

Receivables                                       96,598,000      97,845,000     101,229,000      91,579,000     107,192,000
Deferred income taxes                             23,338,000      26,031,000      28,178,000               0               0
Prepaid expenses                                           0               0               0      22,170,000      24,512,000
Other current assets                             216,268,000     200,734,000     192,308,000     178,063,008     214,836,992
Total current assets                             913,358,976   1,067,596,032   1,110,493,056   1,076,425,984   1,169,400,960

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              115,535,000     154,354,000     151,016,000     160,664,000     156,900,992
Accumulated Depreciation                         -63,282,000     -75,680,000     -86,373,000     -98,740,000    -102,224,000
Net property, plant and equipment                 52,253,000      78,674,000      64,643,000      61,924,000      54,677,000

Goodwill                                       1,251,246,976   1,255,704,064   1,312,182,016   1,332,348,032   1,337,214,976
Intangible assets                                351,172,992     291,390,016     259,312,000     220,552,992     172,619,008
Deferred income taxes                             14,992,000      18,432,000      21,286,000      32,896,000      42,327,000
Other long-term assets                            24,393,000      10,586,000       6,187,000       5,757,000      24,287,000
Total non-current assets                       1,694,057,984   1,654,786,048   1,663,609,984   1,653,478,016   1,631,124,992

Total assets                                   2,607,417,088   2,722,382,080   2,774,103,040   2,729,904,128   2,800,526,080 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Capital leases                                    53,149,000               0               0               0               0
Accounts payable                                   4,924,000       7,939,000       3,421,000       4,865,000       7,395,000
Deferred income taxes                              1,409,000          49,000          24,000               0               0
Taxes payable                                      8,182,000       9,333,000       7,127,000       4,695,000       5,263,000
Accrued liabilities                              103,930,000     113,335,000     121,863,000     109,942,000     123,163,000
Deferred revenues                                305,792,992     309,775,008     332,664,000     364,644,000     403,279,008
Total current liabilities                        477,387,008     440,431,008     465,099,008     484,145,984     539,100,032

Non-current liabilities
Capital leases                                             0      18,136,000               0               0               0
Deferred taxes liabilities                        92,822,000      66,899,000      37,390,000       2,091,000       2,259,000
Other long-term liabilities                       96,917,000      60,670,000      54,113,000      49,240,000      50,762,000
Total non-current liabilities                    189,739,008     145,704,992      91,503,000      51,331,000      53,021,000

Total liabilities                                667,126,016     586,136,000     556,601,984     535,476,992     592,121,024 

Stockholders' equity

Common stock                                         932,000         932,000         932,000         932,000         932,000
Additional paid-in capital                       927,368,000     926,030,976     904,825,024     894,468,992     883,009,984
Retained earnings                              1,039,491,008   1,284,818,048   1,539,507,968   1,792,029,056   2,057,665,024
Treasury stock                                   -36,151,000     -72,891,000    -196,010,000    -440,839,008    -675,550,016
Accumulated other comprehensive income             8,651,000      -2,644,000     -31,754,000     -52,164,000     -57,652,000
Total stockholders' equity                     1,940,290,944   2,136,246,016   2,217,500,928   2,194,426,880   2,208,404,992
Total liabilities and stockholders' equity     2,607,417,088   2,722,382,080   2,774,103,040   2,729,904,128   2,800,526,080

____________________________________________________________________________________________________________________________________________


ANSYS INC  (ANSS)                           Statement of CASH FLOW

Fiscal year ends in December. USD.                   2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                       203,483,008     245,327,008     254,690,000     252,520,992     265,636,000     276,648,992
Depreciation & amortization                       85,422,000      80,701,000      81,924,000      77,670,000      69,587,000      67,206,000
Deferred income taxes                            -18,896,000     -24,025,000     -18,859,000     -15,196,000     -10,921,000     -12,036,000
Stock based compensation                          32,415,000      35,298,000      36,861,000      33,951,000      33,347,000      48,191,000
Accounts receivable                              -12,401,000      -2,983,000      -5,554,000       6,044,000     -17,388,000      -6,090,000
Prepaid expenses                                           0               0        -877,000               0               0               0
Accrued liabilities                                9,548,000               0               0               0               0               0
Income taxes payable                              14,616,000      11,876,000      12,102,000       5,770,000       9,052,000       4,157,000
Other working capital                             -2,891,000      -4,778,000      36,579,000      12,222,000      13,368,000      43,965,000
Other non-cash items                             -12,881,000      -8,433,000     -11,559,000      -5,459,000      -5,854,000      -5,026,000
Net cash provided by operating activities        298,415,008     332,983,008     385,307,008     367,523,008     356,827,008     417,016,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -23,977,000     -28,848,000     -26,023,000     -16,145,000     -12,443,000     -19,039,000
Acquisitions, net                                -45,075,000      -4,224,000    -103,016,000     -46,117,000      -7,891,000     -33,889,000
Purchases of investments                            -228,000        -261,000        -355,000               0               0               0
Sales/Maturities of investments                      324,000         156,000         124,000               0               0               0
Other investing activities                                 0               0               0         230,000     -11,839,000     -21,294,000
Net cash used for investing activities           -68,956,000     -33,177,000    -129,270,000     -62,032,000     -32,173,000     -74,222,000

Cash Flows From Financing Activities
Debt repayment                                   -74,422,000     -53,149,000         -91,000         -21,000               0               0
Common stock issued                                2,446,000       2,987,000       3,629,000      43,623,000      53,811,000      58,456,000
Common stock repurchased                         -95,477,000    -116,132,000    -233,792,992    -337,910,016    -336,335,008    -316,337,984
Excess tax benefit from stock based compe         13,888,000       9,971,000      14,531,000       8,176,000       9,153,000               0
Other financing activities                        28,719,000      26,564,000      30,082,000      -5,619,000      -6,106,000        -935,000
Net cash provided by (used for) financing       -124,846,000    -129,759,000    -185,642,000    -291,751,008    -279,476,992    -258,816,992

Effect of exchange rate changes                      262,000      -4,264,000     -24,817,000     -17,636,000      -6,866,000      -2,322,000
Net change in cash                               104,875,000     165,783,008      45,578,000      -3,896,000      38,311,000      81,655,000
Cash at beginning of period                      471,828,000     576,702,976     742,486,016     788,064,000     784,168,000     837,916,032
Cash at end of period                            576,702,976     742,486,016     788,064,000     784,168,000     822,478,976     919,571,008

Free Cash Flow
Operating cash flow                              298,415,008     332,983,008     385,307,008     367,523,008     356,827,008     417,016,000
Capital expenditure                              -23,977,000     -28,848,000     -26,023,000     -16,145,000     -12,443,000     -19,039,000
Free cash flow                                   274,438,016     304,135,008     359,284,000     351,377,984     344,384,000     397,976,992
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (ANSS)       Ansys Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     2.14    2.58    2.70    2.76    2.99
Average Price During Year:    64.49   78.78   78.37   88.56   90.36

                P/E Ratio:    30.13   30.53   29.03   32.09   30.22

 Average 5-Year P/E Ratio  =  30.40
             Current Price =  146.39

Previous 5 Quarter Earnings:   0.78    0.80    0.73    0.80    0.85

           Current Annualized (Last Four Quarters) Earnings =  2.38
                                                           ________
                                 Average PE / Current PE =     0.49
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for ANSYS INC.:
Symbol? ANSS
Total Months Available:  48
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
 108.92   91.89    131.63  104.66    155.14  119.20

RANGE   = 155.14  TO   91.89            Close = 145.33
CHANNEL = 119.20  TO  108.92           Degree =   2
Volatility =   7.07%                    Index =   1
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

6 out of 8 favorable, (positive opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry + 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF - 1
Tangible Book Value - 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's - 1
Moving Average - 1
Right Time Study - 1
MACD Histogram Divergence - 1
Val Idea + 1
Stock Consultant + 1
Point & Figure - 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network - 1
Stock Options - 1
Ultimate Trading Systems - 1
Total - 3
Place 210 shares of Ansys, Inc. (ANSS) on the Active List.