Bank of America Cuts Synopsys (NASDAQ:SNPS) Price Target to $560.00

Synopsys (NASDAQ:SNPS) had its price objective reduced by Bank of America from $630.00 to $560.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other research analysts also recently commented on SNPS. Morgan Stanley reduced their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a report on Monday, February 24th. Mizuho reduced their price objective on Synopsys from $650.00 to $600.00 and set an “outperform” rating on the stock in a research note on Tuesday. Piper Sandler lowered their target price on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company dropped their target price on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Synopsys currently has a consensus rating of “Moderate Buy” and a consensus price target of $618.31.

Synopsys Price Performance

Shares of SNPS stock opened at $413.32 on Wednesday. The firm has a fifty day moving average of $446.35 and a two-hundred day moving average of $495.11. The firm has a market cap of $63.91 billion, a P/E ratio of 28.47, a P/E/G ratio of 3.23 and a beta of 1.23. Synopsys has a 1-year low of $365.74 and a 1-year high of $624.80.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the completion of the transaction, the chief executive officer now owns 70,922 shares in the company, valued at approximately $32,890,077.50. The trade was a 13.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Geus Aart De sold 15,705 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares in the company, valued at $51,850,925.82. This trade represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is owned by insiders.

Institutional Trading of Synopsys

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Synopsys during the fourth quarter worth approximately $583,608,000. GAMMA Investing LLC boosted its holdings in shares of Synopsys by 54,286.0% during the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company’s stock worth $513,116,000 after purchasing an additional 1,194,292 shares during the period. Price T Rowe Associates Inc. MD increased its position in Synopsys by 21.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock worth $2,864,933,000 after purchasing an additional 1,045,326 shares during the last quarter. Capital Research Global Investors acquired a new stake in Synopsys in the fourth quarter valued at approximately $239,864,000. Finally, Raymond James Financial Inc. acquired a new position in Synopsys during the fourth quarter worth $199,065,000. 85.47% of the stock is currently owned by institutional investors.

Synopsys Company Profile

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.