Synopsys (NASDAQ:SNPS) Given New $687.00 Price Target at Piper Sandler

Synopsys (NASDAQ:SNPSGet Free Report) had its target price lifted by equities researchers at Piper Sandler from $672.00 to $687.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s price objective points to a potential upside of 13.00% from the stock’s previous close.

SNPS has been the topic of several other reports. Robert W. Baird lifted their price objective on shares of Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 2nd. KeyCorp lifted their price objective on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. JPMorgan Chase & Co. lifted their price objective on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Finally, Needham & Company LLC reissued a “buy” rating and set a $660.00 target price on shares of Synopsys in a research note on Thursday, May 23rd. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $627.18.

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Synopsys Price Performance

NASDAQ SNPS opened at $607.94 on Wednesday. Synopsys has a 12 month low of $418.51 and a 12 month high of $629.38. The firm has a market capitalization of $93.15 billion, a PE ratio of 66.08, a P/E/G ratio of 3.97 and a beta of 1.07. The company’s 50 day simple moving average is $580.91 and its 200 day simple moving average is $559.18.

Synopsys (NASDAQ:SNPSGet Free Report) last posted its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.03 by ($0.03). The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.76 EPS. Sell-side analysts anticipate that Synopsys will post 9.66 earnings per share for the current fiscal year.

Insider Transactions at Synopsys

In other news, insider John F. Runkel, Jr. sold 1,239 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.90, for a total transaction of $722,213.10. Following the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,658,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.90, for a total value of $722,213.10. Following the sale, the insider now owns 20,000 shares of the company’s stock, valued at $11,658,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Geus Aart De sold 4,212 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $600.05, for a total transaction of $2,527,410.60. Following the completion of the sale, the insider now directly owns 106,983 shares in the company, valued at approximately $64,195,149.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,222 shares of company stock worth $43,691,039. 0.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synopsys

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNPS. Creative Planning boosted its position in Synopsys by 9.7% in the third quarter. Creative Planning now owns 12,090 shares of the semiconductor company’s stock valued at $5,549,000 after buying an additional 1,071 shares in the last quarter. Integrated Advisors Network LLC acquired a new position in shares of Synopsys during the third quarter worth approximately $226,000. Comerica Bank acquired a new position in Synopsys in the third quarter valued at approximately $14,203,000. Banque Pictet & Cie SA lifted its holdings in Synopsys by 85.1% in the third quarter. Banque Pictet & Cie SA now owns 2,062 shares of the semiconductor company’s stock valued at $946,000 after buying an additional 948 shares during the period. Finally, Modera Wealth Management LLC lifted its holdings in Synopsys by 12.2% in the third quarter. Modera Wealth Management LLC now owns 985 shares of the semiconductor company’s stock valued at $452,000 after buying an additional 107 shares during the period. 85.47% of the stock is currently owned by institutional investors and hedge funds.

About Synopsys

(Get Free Report)

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. 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.

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Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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