Synopsys (NASDAQ:SNPS) Price Target Raised to $661.00

Synopsys (NASDAQ:SNPS) had its target price upped by equities researchers at Robert W. Baird from $645.00 to $661.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Robert W. Baird’s price target suggests a potential upside of 9.85% from the stock’s previous close.

SNPS has been the subject of several other reports. Rosenblatt Securities restated a “buy” rating and set a $615.00 price objective on shares of Synopsys in a research report on Thursday, May 23rd. JPMorgan Chase & Co. raised their price objective on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Piper Sandler restated an “overweight” rating and set a $672.00 price objective (up from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. KeyCorp raised their price objective on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research report on Thursday, May 23rd. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $625.82.

Synopsys Stock Performance

Shares of NASDAQ:SNPS opened at $601.75 on Tuesday. Synopsys has a 52-week low of $418.51 and a 52-week high of $629.38. The company has a market capitalization of $92.20 billion, a P/E ratio of 65.41, a price-to-earnings-growth ratio of 3.84 and a beta of 1.07. The company has a 50-day simple moving average of $569.90 and a 200 day simple moving average of $556.31.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (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 company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the business posted $1.76 earnings per share. As a group, equities analysts forecast that Synopsys will post 9.66 earnings per share for the current year.

Insiders Place Their Bets

In other Synopsys news, insider Geus Aart De sold 8,158 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $602.59, for a total transaction of $4,915,929.22. Following the sale, the insider now owns 106,983 shares of the company’s stock, valued at $64,466,885.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $36,440,228.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Geus Aart De sold 8,158 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $602.59, for a total transaction of $4,915,929.22. Following the sale, the insider now directly owns 106,983 shares in the company, valued at approximately $64,466,885.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,658 shares of company stock valued at $20,970,824. 0.66% of the stock is currently owned by insiders.

Institutional Trading of Synopsys

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Synopsys by 2.1% in the first quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock worth $7,903,478,000 after purchasing an additional 278,265 shares during the last quarter. Capital World Investors lifted its holdings in Synopsys by 12.5% in the first quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock valued at $4,211,892,000 after buying an additional 818,485 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in 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 during the period. Massachusetts Financial Services Co. MA lifted its holdings in Synopsys by 6.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock valued at $1,321,019,000 after buying an additional 153,053 shares during the period. Finally, Norges Bank acquired a new position in Synopsys in the fourth quarter valued at $1,272,143,000. Institutional investors own 85.47% of the company’s stock.

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.