Synopsys (NASDAQ:SNPS) Price Target Raised to $645.00

Synopsys (NASDAQ:SNPS) had its price target upped by Robert W. Baird from $640.00 to $645.00 in a research note issued to investors on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the semiconductor company’s stock.

A number of other equities research analysts have also recently commented on the company. Piper Sandler reaffirmed an overweight rating and set a $672.00 price objective (up from $665.00) on shares of Synopsys in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on Synopsys from $650.00 to $655.00 and gave the stock an overweight rating in a research note on Thursday. StockNews.com raised Synopsys from a hold rating to a buy rating in a research note on Monday, March 18th. Rosenblatt Securities reaffirmed a buy rating and set a $615.00 price objective on shares of Synopsys in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a buy rating and set a $660.00 price objective on shares of Synopsys in a research note on Thursday. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Synopsys presently has an average rating of Buy and an average target price of $616.18.

Synopsys Stock Performance

NASDAQ SNPS opened at $587.40 on Thursday. The stock has a fifty day moving average of $558.67 and a 200-day moving average of $547.28. The stock has a market capitalization of $89.58 billion, a P/E ratio of 63.85, a price-to-earnings-growth ratio of 3.42 and a beta of 1.07. Synopsys has a 52 week low of $409.83 and a 52 week high of $629.38.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing the consensus estimate of $3.03 by ($0.03). The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period last year, the business posted $1.76 earnings per share. Equities research analysts forecast that Synopsys will post 9.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Marc N. Casper purchased 750 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were bought at an average cost of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the acquisition, the director now directly owns 1,736 shares in the company, valued at approximately $1,016,341.20. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Marc N. Casper purchased 750 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were bought at an average cost of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the acquisition, the director now directly owns 1,736 shares in the company, valued at approximately $1,016,341.20. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Roy Vallee sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total value of $5,726,600.00. Following the completion of the sale, the director now owns 20,000 shares in the company, valued at $11,453,200. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

Institutional investors have recently modified their holdings of the company. Bay Harbor Wealth Management LLC bought a new stake in shares of Synopsys in the first quarter valued at about $26,000. University of Texas Texas AM Investment Managment Co. bought a new stake in Synopsys during the fourth quarter worth about $28,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Synopsys during the third quarter worth about $29,000. Jones Financial Companies Lllp raised its holdings in Synopsys by 233.3% during the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 42 shares in the last quarter. Finally, Activest Wealth Management bought a new stake in Synopsys during the first quarter worth about $35,000. 85.47% of the stock is currently owned by 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.