Synopsys (NASDAQ:SNPS) Price Target Raised to $625.00

Synopsys (NASDAQ:SNPS) had its price objective raised by Bank of America from $575.00 to $625.00 in a report released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the semiconductor company’s stock.

SNPS has been the topic of a number of other research reports. Piper Sandler reiterated an “overweight” rating and issued a $615.00 price target (down previously from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price target (up previously from $650.00) on shares of Synopsys in a research note on Tuesday. KeyCorp upped their price target on shares of Synopsys from $540.00 to $610.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. The Goldman Sachs Group started coverage on shares of Synopsys in a research note on Thursday, July 10th. They issued a “buy” rating and a $620.00 price target on the stock. Finally, Stifel Nicolaus set a $550.00 price target on shares of Synopsys in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $617.67.

Synopsys Stock Down 0.7%

Shares of SNPS stock opened at $584.76 on Wednesday. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. Synopsys has a 1 year low of $365.74 and a 1 year high of $600.90. The firm’s fifty day moving average price is $508.54 and its two-hundred day moving average price is $482.97. The firm has a market capitalization of $90.73 billion, a P/E ratio of 42.22, a PEG ratio of 3.90 and a beta of 1.12.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the business earned $3.00 EPS. The company’s revenue was up 10.3% compared to the same quarter last year. On average, equities analysts predict that Synopsys will post 10.64 EPS for the current fiscal year.

Insider Buying and Selling at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the transaction, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. This represents a 85.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the completion of the transaction, the chief executive officer owned 71,589 shares of the company’s stock, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synopsys

Several large investors have recently modified their holdings of SNPS. Advisors Capital Management LLC grew its holdings in Synopsys by 2.3% in the fourth quarter. Advisors Capital Management LLC now owns 840 shares of the semiconductor company’s stock worth $408,000 after purchasing an additional 19 shares during the period. MCF Advisors LLC grew its holdings in Synopsys by 16.2% in the second quarter. MCF Advisors LLC now owns 136 shares of the semiconductor company’s stock worth $70,000 after purchasing an additional 19 shares during the period. Hazlett Burt & Watson Inc. grew its holdings in Synopsys by 28.6% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 20 shares during the period. Peninsula Wealth LLC grew its holdings in Synopsys by 0.5% in the fourth quarter. Peninsula Wealth LLC now owns 4,224 shares of the semiconductor company’s stock worth $2,050,000 after purchasing an additional 20 shares during the period. Finally, Trust Point Inc. grew its holdings in Synopsys by 4.4% in the second quarter. Trust Point Inc. now owns 494 shares of the semiconductor company’s stock worth $253,000 after purchasing an additional 21 shares during the period. 85.47% of the stock is currently owned by institutional investors and hedge funds.

About Synopsys

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.