Synopsys (NASDAQ:SNPS) Given New $510.00 Price Target at Morgan Stanley

Synopsys (NASDAQ:SNPS) had its price objective reduced by Morgan Stanley from $715.00 to $510.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

A number of other research firms have also commented on SNPS. Piper Sandler reduced their price objective on shares of Synopsys from $660.00 to $630.00 and set an “overweight” rating on the stock in a research note on Wednesday. Citigroup lowered shares of Synopsys from a “neutral” rating to an “underperform” rating in a research report on Wednesday. Rosenblatt Securities restated a “neutral” rating and issued a $605.00 price objective (down from $650.00) on shares of Synopsys in a research report on Wednesday. Bank of America reissued an “underperform” rating and set a $525.00 price target (down from $625.00) on shares of Synopsys in a research note on Wednesday. Finally, Wells Fargo & Company cut their target price on shares of Synopsys from $630.00 to $550.00 and set an “equal weight” rating on the stock 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 given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $585.33.

Synopsys Price Performance

Shares of NASDAQ:SNPS opened at $438.10 on Thursday. The firm has a 50 day moving average of $592.81 and a 200-day moving average of $506.77. The stock has a market capitalization of $67.98 billion, a PE ratio of 34.39, a PEG ratio of 2.55 and a beta of 1.14. 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.

Insider Activity at Synopsys

In related 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 transaction of $2,228,709.35. Following the completion of the transaction, the chief financial officer directly owned 15,317 shares in the company, valued at approximately $9,339,847.09. The trade was a 19.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The stock was 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 owned 1,485 shares of the company’s stock, valued at $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,031 shares of company stock worth $13,168,999. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synopsys

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Synopsys during the second quarter worth about $647,964,000. GAMMA Investing LLC increased its position in shares of Synopsys by 54,286.0% during the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company’s stock worth $513,116,000 after purchasing an additional 1,194,292 shares in the last quarter. Nuveen LLC purchased a new stake in Synopsys in the 1st quarter valued at $341,480,000. Pictet Asset Management Holding SA lifted its stake in shares of Synopsys by 38.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company’s stock valued at $1,043,518,000 after purchasing an additional 673,837 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake 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 acquiring an additional 585,494 shares in 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.