Needham & Company LLC Lowers Synopsys (NASDAQ:SNPS) Price Target to $550.00

Synopsys (NASDAQ:SNPS) had its target price cut by equities research analysts at Needham & Company LLC from $660.00 to $550.00 in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 25.54% from the company’s previous close.

Several other analysts have also commented on the stock. KeyCorp lifted their price objective on shares of Synopsys from $610.00 to $660.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 3rd. Wells Fargo & Company reaffirmed a “positive” rating on shares of Synopsys in a report on Wednesday, August 27th. JPMorgan Chase & Co. reduced their price objective on Synopsys from $685.00 to $600.00 and set an “overweight” rating for the company in a report on Wednesday. Rosenblatt Securities reissued a “neutral” rating and issued a $605.00 target price (down from $650.00) on shares of Synopsys in a research report on Wednesday. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $535.00 price objective (down from $670.00) on shares of Synopsys in a report on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and an average price target of $585.33.

Synopsys Stock Up 13.0%

SNPS stock opened at $438.10 on Wednesday. The stock 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 company has a current ratio of 1.62, a quick ratio of 6.85 and a debt-to-equity ratio of 0.52. The stock’s fifty day simple moving average is $592.81 and its two-hundred day simple moving average is $506.77. Synopsys has a 1-year low of $365.74 and a 1-year high of $651.73.

Insider Activity at Synopsys

In other Synopsys news, CFO Shelagh Glaser sold 3,655 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $609.77, for a total value of $2,228,709.35. Following the completion of the sale, the chief financial officer owned 15,317 shares in the company, valued at approximately $9,339,847.09. The trade was a 19.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Richard S. Mahoney sold 9,010 shares of the firm’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the sale, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% 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 in the last ninety days. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synopsys

Several large investors have recently modified their holdings of the stock. Centaurus Financial Inc. raised its holdings in Synopsys by 22.5% in the 2nd quarter. Centaurus Financial Inc. now owns 1,334 shares of the semiconductor company’s stock worth $684,000 after purchasing an additional 245 shares during the period. Orion Porfolio Solutions LLC raised its stake in shares of Synopsys by 1.2% in the second quarter. Orion Porfolio Solutions LLC now owns 25,706 shares of the semiconductor company’s stock worth $13,179,000 after buying an additional 307 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Synopsys by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 6,933 shares of the semiconductor company’s stock valued at $3,549,000 after buying an additional 90 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH bought a new position in shares of Synopsys during the 2nd quarter valued at approximately $2,477,000. Finally, Stance Capital LLC purchased a new stake in Synopsys in the 2nd quarter worth approximately $1,393,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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.