Piper Sandler Has Lowered Expectations for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS) had its target price cut by equities researchers at Piper Sandler from $670.00 to $655.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s target price would indicate a potential upside of 26.62% from the company’s current price.

SNPS has been the subject of a number of other reports. JPMorgan Chase & Co. raised their target price on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Loop Capital assumed coverage on Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. Robert W. Baird cut their target price on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research report on Thursday. Finally, Wells Fargo & Company initiated coverage on shares of Synopsys in a report on Friday, November 22nd. They issued an “equal weight” rating and a $570.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $649.00.

Synopsys Stock Performance

Shares of SNPS stock opened at $517.28 on Friday. Synopsys has a 52 week low of $457.52 and a 52 week high of $629.38. The firm’s 50-day simple moving average is $529.93 and its two-hundred day simple moving average is $544.89. The firm has a market cap of $79.46 billion, a price-to-earnings ratio of 35.63, a P/E/G ratio of 3.59 and a beta of 1.08.

Institutional Investors Weigh In On Synopsys

Large investors have recently added to or reduced their stakes in the business. Davidson Capital Management Inc. increased its stake in Synopsys by 33,828.6% in the 3rd 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 last quarter. Swiss National Bank grew its holdings in shares of Synopsys by 0.7% during the third quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock worth $230,306,000 after purchasing an additional 3,200 shares in the last quarter. Parnassus Investments LLC bought a new position in shares of Synopsys in the third quarter worth approximately $633,469,000. Harvest Portfolios Group Inc. raised its stake in Synopsys by 3.7% in the third 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. Finally, Jacobs & Co. CA bought a new stake in Synopsys during the third quarter valued at approximately $10,554,000. Institutional investors own 85.47% of the company’s stock.

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.