Piper Sandler Has Lowered Expectations for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS) had its price objective dropped by equities research analysts at Piper Sandler from $660.00 to $630.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s target price would indicate a potential upside of 43.80% from the stock’s current price.

A number of other research firms also recently issued reports on SNPS. Morgan Stanley restated an “overweight” rating and set a $715.00 target price (up from $540.00) on shares of Synopsys in a research report on Monday, August 11th. Needham & Company LLC decreased their price objective on Synopsys from $660.00 to $550.00 and set a “buy” rating for the company in a report on Wednesday. JPMorgan Chase & Co. dropped their target price on Synopsys from $685.00 to $600.00 and set an “overweight” rating on the stock in a report on Wednesday. Bank of America boosted their price target on Synopsys from $575.00 to $625.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $535.00 target price (down from $670.00) on shares of Synopsys in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Synopsys presently has a consensus rating of “Moderate Buy” and a consensus target price of $585.33.

Synopsys Stock Performance

SNPS opened at $438.10 on Wednesday. The company has a current ratio of 1.62, a quick ratio of 6.85 and a debt-to-equity ratio of 0.52. Synopsys has a 12-month low of $365.74 and a 12-month high of $651.73. The firm has a 50 day moving average of $592.81 and a two-hundred day moving average of $506.77. The firm has a market capitalization of $67.98 billion, a PE ratio of 34.39, a P/E/G ratio of 2.55 and a beta of 1.14.

Insider Buying and Selling

In other news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total value of $6,694,687.66. Following the sale, the chief executive officer directly owned 71,615 shares of the company’s stock, 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 SEC, which is available at this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,031 shares of company stock valued at $13,168,999. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SNPS. Cornerstone Planning Group LLC increased its holdings in shares of 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 stake in Synopsys in the 1st quarter valued at about $26,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in Synopsys by 441.7% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 53 shares during the period. Independence Bank of Kentucky lifted its position in Synopsys by 120.0% in the second quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 30 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in shares of Synopsys during the fourth quarter valued at about $29,000. 85.47% of the stock is owned by hedge funds and other 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.