Synopsys, Inc. (NASDAQ:SNPS) Receives Consensus Rating of “Buy” from Analysts

Synopsys, Inc. (NASDAQ:SNPS) has been given a consensus recommendation of “Buy” by the eleven brokerages that are currently covering the company, Marketbeat.com reports. Eleven research analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $649.82.

Several equities research analysts recently weighed in on the company. Piper Sandler reduced their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird increased their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Berenberg Bank started coverage on shares of Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 target price for the company. Mizuho initiated coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their target price on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd.

Insider Activity at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the sale, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. This represents a 14.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synopsys

Large investors have recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC purchased a new stake in Synopsys during the 1st quarter valued at $239,000. O Shaughnessy Asset Management LLC boosted its stake in shares of Synopsys by 13.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,656 shares of the semiconductor company’s stock worth $9,519,000 after purchasing an additional 1,929 shares during the period. Clearbridge Investments LLC grew its holdings in Synopsys by 158.4% during the 1st quarter. Clearbridge Investments LLC now owns 204,677 shares of the semiconductor company’s stock valued at $116,973,000 after purchasing an additional 125,464 shares during the last quarter. Lake Street Advisors Group LLC raised its position in Synopsys by 33.9% in the 1st quarter. Lake Street Advisors Group LLC now owns 872 shares of the semiconductor company’s stock worth $498,000 after purchasing an additional 221 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Synopsys during the first quarter valued at approximately $29,985,000. 85.47% of the stock is owned by institutional investors.

Synopsys Stock Performance

NASDAQ SNPS opened at $523.98 on Tuesday. The company has a market capitalization of $80.49 billion, a P/E ratio of 54.35, a P/E/G ratio of 3.18 and a beta of 1.08. The company has a fifty day moving average of $515.34 and a 200-day moving average of $545.52. Synopsys has a 52-week low of $457.52 and a 52-week high of $629.38.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating the consensus estimate of $3.28 by $0.15. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.17 EPS. As a group, analysts forecast that Synopsys will post 9.45 EPS for the current fiscal year.

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.