KeyCorp Lowers Synopsys (NASDAQ:SNPS) Price Target to $590.00

Synopsys (NASDAQ:SNPS) had its price target lowered by stock analysts at KeyCorp from $660.00 to $590.00 in a report released on Wednesday, Marketbeat reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target points to a potential upside of 34.67% from the stock’s current price.

A number of other equities analysts have also recently weighed in on SNPS. Wells Fargo & Company lowered their price objective on shares of Synopsys from $630.00 to $550.00 and set an “equal weight” rating for the company in a research report on Wednesday. Stifel Nicolaus lowered their price objective on shares of Synopsys from $650.00 to $550.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lowered their price objective on shares of Synopsys from $685.00 to $600.00 and set an “overweight” rating for the company in a research report on Wednesday. Bank of America reaffirmed an “underperform” rating and set a $525.00 price objective (down previously from $625.00) on shares of Synopsys in a research report on Wednesday. Finally, The Goldman Sachs Group assumed coverage on shares of Synopsys in a research report on Thursday, July 10th. They set a “buy” rating and a $620.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $585.33.

Synopsys Stock Performance

Shares of SNPS stock opened at $438.10 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 6.85 and a current ratio of 1.62. The firm has a market cap of $67.98 billion, a P/E ratio of 34.39, a P/E/G ratio of 2.55 and a beta of 1.14. The firm’s 50 day moving average price is $592.81 and its 200-day moving average price is $506.77. Synopsys has a one year low of $365.74 and a one year high of $651.73.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $589.01, for a total value of $6,694,687.66. Following the completion of the transaction, the chief executive officer owned 71,615 shares in the company, valued at $42,181,951.15. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shelagh Glaser sold 3,655 shares of Synopsys stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $609.77, for a total transaction of $2,228,709.35. Following the completion of the transaction, the chief financial officer owned 15,317 shares of the company’s stock, valued at $9,339,847.09. This represents a 19.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,031 shares of company stock worth $13,168,999 over the last 90 days. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Independence Bank of Kentucky lifted its stake in Synopsys by 120.0% in the second quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 30 shares during the last quarter. Ameriflex Group Inc. purchased a new position in Synopsys in the fourth quarter worth approximately $29,000. Cornerstone Planning Group LLC increased its stake in Synopsys by 275.0% in the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. Saudi Central Bank purchased a new position in Synopsys in the first quarter valued at approximately $26,000. Finally, Princeton Global Asset Management LLC increased its stake in Synopsys by 481.8% in the second quarter. Princeton Global Asset Management LLC now owns 64 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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.