Wells Fargo & Company Has Lowered Expectations for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS) had its target price lowered by equities research analysts at Wells Fargo & Company from $630.00 to $550.00 in a research report issued on Wednesday, Marketbeat.com reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 25.54% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $535.00 price objective (down from $670.00) on shares of Synopsys in a report on Wednesday. Piper Sandler lowered their target price on Synopsys from $660.00 to $630.00 and set an “overweight” rating for the company in a research note on Wednesday. Needham & Company LLC reduced their price objective on Synopsys from $660.00 to $550.00 and set a “buy” rating on the stock in a report on Wednesday. Citigroup lowered shares of Synopsys from a “neutral” rating to an “underperform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price objective on Synopsys from $685.00 to $600.00 and set an “overweight” rating for the company in a research note on Wednesday. Eleven equities 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, the stock has an average rating of “Moderate Buy” and an average target price of $585.33.

Synopsys Stock Performance

NASDAQ:SNPS opened at $438.10 on Wednesday. The firm 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. The firm’s fifty day simple moving average is $592.81 and its 200 day simple moving average is $506.77. Synopsys has a 1 year low of $365.74 and a 1 year 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 Transactions at Synopsys

In related news, 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 transaction of $4,245,602.10. Following the completion of the transaction, the executive owned 1,485 shares in the company, valued at approximately $699,746.85. This represents a 85.85% 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, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the transaction, the chief executive officer owned 71,615 shares of the company’s stock, valued at approximately $42,181,951.15. This represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,031 shares of company stock valued at $13,168,999 over the last 90 days. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synopsys

A number of hedge funds and other institutional investors have recently bought and sold shares of SNPS. Lionshead Wealth Management LLC increased its stake in shares of Synopsys by 1.9% in the second quarter. Lionshead Wealth Management LLC now owns 914 shares of the semiconductor company’s stock valued at $469,000 after buying an additional 17 shares during the period. YANKCOM Partnership increased its position in Synopsys by 3.3% in the 2nd quarter. YANKCOM Partnership now owns 537 shares of the semiconductor company’s stock valued at $275,000 after acquiring an additional 17 shares during the period. Manchester Capital Management LLC increased its position in Synopsys by 5.3% in the 2nd quarter. Manchester Capital Management LLC now owns 340 shares of the semiconductor company’s stock valued at $174,000 after acquiring an additional 17 shares during the period. Hemington Wealth Management increased its position in Synopsys by 10.1% in the 2nd quarter. Hemington Wealth Management now owns 197 shares of the semiconductor company’s stock valued at $100,000 after acquiring an additional 18 shares during the period. Finally, Concord Asset Management LLC VA raised its stake in shares of Synopsys by 0.8% during the second quarter. Concord Asset Management LLC VA now owns 2,379 shares of the semiconductor company’s stock valued at $1,220,000 after acquiring an additional 18 shares during the last quarter. 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.