Needham & Company LLC Reiterates Buy Rating for Synopsys (NASDAQ:SNPS)

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $640.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 23.72% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research report on Wednesday. Berenberg Bank began coverage on Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective on the stock. Robert W. Baird raised their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company began coverage on Synopsys in a research note on Friday, November 22nd. They set an “equal weight” rating and a $570.00 price objective on the stock. Finally, Mizuho began coverage on Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective on the stock. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $649.00.

Synopsys Stock Performance

Shares of NASDAQ:SNPS opened at $517.28 on Thursday. Synopsys has a 52-week low of $457.52 and a 52-week high of $629.38. The firm has a fifty day moving average of $529.85 and a 200 day moving average of $545.47. The firm has a market capitalization of $79.46 billion, a PE ratio of 35.63, a price-to-earnings-growth ratio of 3.59 and a beta of 1.08.

Institutional Trading of Synopsys

Several large investors have recently modified their holdings of the business. ORG Partners LLC lifted its holdings in Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock worth $25,000 after buying an additional 36 shares during the period. Pacifica Partners Inc. purchased a new position in shares of Synopsys during the third quarter valued at approximately $25,000. Tsfg LLC lifted its holdings in shares of Synopsys by 75.0% during the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 24 shares during the last quarter. Chris Bulman Inc purchased a new position in shares of Synopsys during the second quarter valued at approximately $30,000. Finally, Hazlett Burt & Watson Inc. lifted its holdings in shares of Synopsys by 40.0% during the third quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 20 shares during the last quarter. 85.47% of the stock is 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.