Brokerages Set Synopsys, Inc. (NASDAQ:SNPS) PT at $627.18

Shares of Synopsys, Inc. (NASDAQ:SNPS) have been assigned an average recommendation of “Buy” from the ten ratings firms that are presently covering the stock, Marketbeat Ratings reports. Ten research analysts have rated the stock with a buy rating. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $629.00.

A number of research firms have recently commented on SNPS. KeyCorp lifted their price target on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird upped their price target on shares of Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. Piper Sandler lifted their price objective on Synopsys from $672.00 to $687.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Needham & Company LLC restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. lifted their price target on Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd.

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the completion of the transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $36,440,228.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the completion of the transaction, the chief executive officer now owns 62,568 shares in the company, valued at approximately $36,440,228.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction on Friday, May 24th. The shares were 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 owns 20,000 shares in the company, valued at $11,658,000. The disclosure for this sale can be found here. Insiders have sold 81,363 shares of company stock worth $49,361,263 over the last 90 days. Corporate insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Synopsys

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Synopsys during the 4th quarter worth approximately $1,272,143,000. Swedbank AB bought a new stake in shares of Synopsys during the first quarter worth $1,051,637,000. Price T Rowe Associates Inc. MD increased its stake in shares of Synopsys by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock valued at $3,050,441,000 after buying an additional 1,514,449 shares in the last quarter. GQG Partners LLC raised its holdings in shares of Synopsys by 91.6% in the first quarter. GQG Partners LLC now owns 2,095,100 shares of the semiconductor company’s stock valued at $1,197,350,000 after buying an additional 1,001,371 shares during the last quarter. Finally, Sustainable Growth Advisers LP acquired a new position in Synopsys during the 2nd quarter worth about $572,050,000. 85.47% of the stock is owned by institutional investors.

Synopsys Trading Up 0.1 %

Synopsys stock opened at $549.00 on Friday. The company has a market capitalization of $84.12 billion, a P/E ratio of 59.67, a P/E/G ratio of 3.42 and a beta of 1.07. Synopsys has a 1-year low of $418.51 and a 1-year high of $629.38. The firm’s fifty day simple moving average is $573.99 and its 200-day simple moving average is $566.28.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. Synopsys’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the business earned $1.76 earnings per share. On average, equities research analysts predict that Synopsys will post 9.66 earnings per share for the current year.

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.