Synopsys (NASDAQ:SNPS) Earns “Underperform” Rating from Bank of America

Synopsys (NASDAQ:SNPS)‘s stock had its “underperform” rating reiterated by equities researchers at Bank of America in a research note issued to investors on Wednesday, MarketBeat reports. They currently have a $525.00 price objective on the semiconductor company’s stock, down from their prior price objective of $625.00. Bank of America‘s price objective indicates a potential upside of 19.84% from the stock’s previous close.

SNPS has been the subject of several other research reports. Rosenblatt Securities restated a “neutral” rating and set a $605.00 target price (down previously from $650.00) on shares of Synopsys in a research report on Wednesday. Morgan Stanley restated an “overweight” rating and set a $715.00 price objective (up previously from $540.00) on shares of Synopsys in a report on Monday, August 11th. Wells Fargo & Company reiterated a “positive” rating on shares of Synopsys in a research note on Wednesday, August 27th. Robert W. Baird reissued a “neutral” rating and set a $535.00 target price (down from $670.00) on shares of Synopsys in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price target on shares of Synopsys from $685.00 to $600.00 and set an “overweight” rating on the stock in a research note on Wednesday. Eleven analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Synopsys currently has an average rating of “Moderate Buy” and an average target price of $585.33.

Synopsys Price Performance

Synopsys stock opened at $438.10 on Wednesday. Synopsys has a 12-month low of $365.74 and a 12-month high of $651.73. 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 firm has a 50-day moving average price of $592.81 and a 200-day moving average price of $506.77. The firm has a market capitalization of $67.98 billion, a PE ratio of 34.39, a price-to-earnings-growth ratio of 2.55 and a beta of 1.14.

Insider Activity

In other Synopsys news, CFO Shelagh Glaser sold 3,655 shares of the company’s stock in a transaction 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 sale, the chief financial officer owned 15,317 shares in the company, valued at $9,339,847.09. This represents a 19.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the executive directly owned 1,485 shares in the company, valued at $699,746.85. This trade represents a 85.85% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,031 shares of company stock worth $13,168,999. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Synopsys

A number of hedge funds have recently made changes to their positions in SNPS. Brighton Jones LLC raised its holdings in Synopsys by 5.7% in the fourth quarter. Brighton Jones LLC now owns 921 shares of the semiconductor company’s stock worth $447,000 after purchasing an additional 50 shares in the last quarter. Jefferies Financial Group Inc. grew its position in shares of Synopsys by 35.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 2,557 shares of the semiconductor company’s stock worth $1,241,000 after buying an additional 665 shares during the last quarter. Obermeyer Wealth Partners raised its stake in shares of Synopsys by 3.6% during the 4th quarter. Obermeyer Wealth Partners now owns 890 shares of the semiconductor company’s stock worth $432,000 after acquiring an additional 31 shares in the last quarter. Nuveen Asset Management LLC lifted its position in Synopsys by 12.1% during the fourth quarter. Nuveen Asset Management LLC now owns 1,691,501 shares of the semiconductor company’s stock valued at $820,987,000 after acquiring an additional 182,115 shares during the last quarter. Finally, NorthRock Partners LLC acquired a new stake in Synopsys in the fourth quarter valued at approximately $640,000. 85.47% of the stock is currently 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.