Synopsys (NASDAQ:SNPS) Given New $600.00 Price Target at JPMorgan Chase & Co.

Synopsys (NASDAQ:SNPS) had its price target lowered by JPMorgan Chase & Co. from $685.00 to $600.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor company’s stock.

Other research analysts also recently issued reports about the stock. Rosenblatt Securities lifted their price objective on shares of Synopsys from $625.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Piper Sandler lifted their price objective on shares of Synopsys from $615.00 to $660.00 and gave the stock an “overweight” rating in a report on Monday, July 21st. The Goldman Sachs Group started coverage on shares of Synopsys in a report on Thursday, July 10th. They issued a “buy” rating and a $620.00 price objective for the company. Bank of America lifted their price objective on shares of Synopsys from $575.00 to $625.00 and gave the stock a “buy” rating in a report on Wednesday, July 16th. Finally, KeyCorp raised their target price on Synopsys from $610.00 to $660.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $599.00.

Synopsys Stock Down 35.8%

Shares of NASDAQ:SNPS opened at $387.78 on Wednesday. Synopsys has a 52-week low of $365.74 and a 52-week high of $651.73. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $60.17 billion, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 3.97 and a beta of 1.14. The company has a 50 day moving average of $594.99 and a two-hundred day moving average of $506.99.

Insiders Place Their Bets

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of the business’s stock in a transaction dated 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 sale, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the completion of the sale, the chief executive officer owned 71,615 shares in the company, valued at approximately $42,181,951.15. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,031 shares of company stock worth $13,168,999. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synopsys

Several hedge funds and other institutional investors have recently bought and sold shares of SNPS. Norges Bank acquired a new stake in Synopsys during the 2nd quarter worth about $647,964,000. GAMMA Investing LLC raised its holdings in Synopsys by 54,286.0% during the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company’s stock worth $513,116,000 after buying an additional 1,194,292 shares during the period. Nuveen LLC acquired a new stake in Synopsys during the 1st quarter worth about $341,480,000. Pictet Asset Management Holding SA raised its holdings in Synopsys by 38.3% during 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. Finally, Ameriprise Financial Inc. raised its holdings in Synopsys by 29.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,598,874 shares of the semiconductor company’s stock worth $1,333,095,000 after buying an additional 585,494 shares during the period. 85.47% 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. 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.