Synopsys (NASDAQ:SNPS) Reaches New 12-Month Low After Analyst Downgrade

Shares of Synopsys, Inc. (NASDAQ:SNPS) hit a new 52-week low during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $625.00 to $590.00. Morgan Stanley currently has an overweight rating on the stock. Synopsys traded as low as $457.00 and last traded at $462.45, with a volume of 229953 shares changing hands. The stock had previously closed at $470.08.

Several other research firms have also recently issued reports on SNPS. Robert W. Baird lowered their price objective on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Wells Fargo & Company dropped their price objective on Synopsys from $570.00 to $540.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Wednesday, December 4th. Redburn Atlantic started coverage on shares of Synopsys in a research note on Monday, January 13th. They set a “buy” rating and a $600.00 target price on the stock. Finally, Loop Capital initiated coverage on shares of Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price target for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and an average target price of $639.58.

Insider Buying and Selling at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the sale, the executive now owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Synopsys

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Davidson Capital Management Inc. increased its stake in shares of Synopsys by 33,828.6% in the third quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock worth $2,405,000 after acquiring an additional 4,736 shares during the period. Peloton Wealth Strategists grew its stake in shares of Synopsys by 221.2% during the 3rd quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock worth $1,459,000 after purchasing an additional 1,984 shares during the period. Swiss National Bank increased its holdings in shares of Synopsys by 0.7% during the 3rd quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock valued at $230,306,000 after purchasing an additional 3,200 shares in the last quarter. Parnassus Investments LLC acquired a new stake in shares of Synopsys during the 3rd quarter valued at about $633,469,000. Finally, Harvest Portfolios Group Inc. increased its stake in shares of Synopsys by 3.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock valued at $21,330,000 after purchasing an additional 1,496 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Synopsys Stock Down 1.6 %

The company has a market cap of $71.47 billion, a PE ratio of 31.82, a P/E/G ratio of 3.23 and a beta of 1.12. The business has a 50-day simple moving average of $509.17 and a 200-day simple moving average of $517.36.

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.