KeyCorp Increases Synopsys (NASDAQ:SNPS) Price Target to $575.00

Synopsys (NASDAQ:SNPS) had its price target raised by investment analysts at KeyCorp from $555.00 to $575.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price would suggest a potential upside of 14.67% from the company’s previous close.

Several other equities research analysts have also recently commented on SNPS. Piper Sandler dropped their price objective on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Rosenblatt Securities restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a research note on Tuesday, February 25th. Wells Fargo & Company dropped their price target 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. Mizuho decreased their price objective on shares of Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, Bank of America lowered their price objective on shares of Synopsys from $630.00 to $560.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $614.86.

Synopsys Stock Down 2.7%

Shares of SNPS opened at $501.46 on Tuesday. Synopsys has a twelve month low of $365.74 and a twelve month high of $624.80. The company has a market capitalization of $77.54 billion, a P/E ratio of 34.54, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16. The firm has a 50 day moving average of $448.95 and a 200 day moving average of $489.21.

Insider Transactions at Synopsys

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

Institutional Investors Weigh In On Synopsys

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Synopsys in the fourth quarter worth approximately $583,608,000. GAMMA Investing LLC raised its position in shares of Synopsys by 54,286.0% during the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company’s stock valued at $513,116,000 after purchasing an additional 1,194,292 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Synopsys by 21.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock valued at $2,864,933,000 after buying an additional 1,045,326 shares in the last quarter. Nuveen LLC purchased a new position in shares of Synopsys during the 1st quarter valued at $341,480,000. Finally, Pictet Asset Management Holding SA boosted its holdings in Synopsys by 38.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company’s stock worth $1,043,518,000 after buying an additional 673,837 shares during the period. 85.47% of the stock is owned by hedge funds and other 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.