Synopsys (NASDAQ:SNPS) PT Raised to $687.00

Synopsys (NASDAQ:SNPS) had its price target increased by research analysts at Piper Sandler from $672.00 to $687.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s price objective indicates a potential upside of 12.86% from the stock’s current price.

A number of other brokerages have also recently issued reports on SNPS. KeyCorp increased their price objective on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. raised their price target on Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and set a $660.00 target price on shares of Synopsys in a research note on Thursday, May 23rd. Finally, Robert W. Baird increased their price objective on shares of Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys presently has a consensus rating of “Buy” and an average price target of $627.18.

Synopsys Price Performance

Shares of SNPS stock opened at $608.74 on Wednesday. Synopsys has a 1 year low of $418.51 and a 1 year high of $629.38. The firm has a fifty day moving average price of $584.56 and a 200-day moving average price of $559.95. The company has a market cap of $93.27 billion, a price-to-earnings ratio of 66.17, a PEG ratio of 3.97 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data 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 company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period last year, the business earned $1.76 EPS. Equities research analysts expect that Synopsys will post 9.66 EPS for the current year.

Insider Buying and Selling at Synopsys

In other news, insider John F. Runkel, Jr. sold 1,239 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.90, for a total value of $722,213.10. Following the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $11,658,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider John F. Runkel, Jr. sold 1,239 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $582.90, for a total value of $722,213.10. Following the completion of the sale, the insider now directly owns 20,000 shares of the company’s stock, valued at approximately $11,658,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Runkel, Jr. sold 936 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $566.97, for a total value of $530,683.92. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,339,400. The disclosure for this sale can be found here. Insiders sold 72,222 shares of company stock worth $43,691,039 over the last 90 days. 0.66% of the stock is owned by insiders.

Institutional Investors Weigh In On Synopsys

Several institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in Synopsys in the 4th quarter worth about $1,272,143,000. Swedbank AB purchased a new stake in shares of Synopsys in the first quarter worth approximately $1,051,637,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Synopsys by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after acquiring an additional 1,514,449 shares during the last quarter. GQG Partners LLC boosted its holdings in Synopsys by 91.6% during the 1st quarter. GQG Partners LLC now owns 2,095,100 shares of the semiconductor company’s stock valued at $1,197,350,000 after acquiring an additional 1,001,371 shares during the period. Finally, Capital World Investors grew its position in Synopsys by 12.5% in the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock valued at $4,211,892,000 after acquiring an additional 818,485 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

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.