Synopsys (NASDAQ:SNPS) Now Covered by Morgan Stanley

Research analysts at Morgan Stanley assumed coverage on shares of Synopsys (NASDAQ:SNPS) in a research report issued on Friday, Marketbeat reports. The firm set an “overweight” rating and a $600.00 price target on the semiconductor company’s stock. Morgan Stanley’s target price indicates a potential upside of 15.64% from the company’s current price.

Several other research firms also recently commented on SNPS. KeyCorp lifted their price objective on Synopsys from $515.00 to $540.00 and gave the stock an “overweight” rating in a report on Friday, October 13th. StockNews.com started coverage on shares of Synopsys in a report on Thursday, October 5th. They set a “strong-buy” rating for the company. JPMorgan Chase & Co. increased their target price on shares of Synopsys from $470.00 to $500.00 and gave the stock an “overweight” rating in a report on Thursday, August 17th. Needham & Company LLC reiterated a “buy” rating and set a $500.00 target price on shares of Synopsys in a report on Tuesday, August 15th. Finally, HSBC assumed coverage on Synopsys in a report on Friday, September 29th. They set a “buy” rating and a $551.00 target price for the company. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $506.45.

Synopsys Trading Up 2.7 %

SNPS opened at $518.83 on Friday. The stock has a market capitalization of $78.91 billion, a P/E ratio of 77.79, a PEG ratio of 3.43 and a beta of 1.08. Synopsys has a 12-month low of $312.25 and a 12-month high of $520.51. The stock has a 50-day moving average price of $470.14 and a 200-day moving average price of $442.36.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, August 16th. The semiconductor company reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.14. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.48 billion. Synopsys had a net margin of 18.71% and a return on equity of 18.01%. The business’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.43 EPS. On average, equities research analysts predict that Synopsys will post 7.88 EPS for the current year.

Insider Activity

In other news, insider John F. Runkel, Jr. sold 2,507 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $454.35, for a total transaction of $1,139,055.45. Following the sale, the insider now directly owns 24,697 shares in the company, valued at approximately $11,221,081.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 2,507 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $454.35, for a total transaction of $1,139,055.45. Following the sale, the insider now directly owns 24,697 shares in the company, valued at $11,221,081.95. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sudhindra Kankanwadi sold 7,355 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $491.53, for a total transaction of $3,615,203.15. Following the transaction, the chief accounting officer now owns 17,029 shares in the company, valued at approximately $8,370,264.37. The disclosure for this sale can be found here. Insiders have sold a total of 17,469 shares of company stock valued at $8,244,769 in the last ninety days. Corporate insiders own 0.69% of the company’s stock.

Institutional Trading of Synopsys

Several institutional investors and hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management purchased a new position in shares of Synopsys during the third quarter worth approximately $26,000. Freedom Wealth Alliance LLC purchased a new position in shares of Synopsys during the fourth quarter worth approximately $26,000. Venturi Wealth Management LLC bought a new position in shares of Synopsys during the 3rd quarter worth $27,000. Altshuler Shaham Ltd bought a new position in shares of Synopsys during the 2nd quarter worth $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Synopsys during the 3rd quarter worth $29,000. 84.12% of the stock is currently owned by institutional investors.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.