Synopsys (NASDAQ:SNPS) Price Target Cut to $540.00 by Analysts at Wells Fargo & Company

Synopsys (NASDAQ:SNPS) had its price target reduced by Wells Fargo & Company from $570.00 to $540.00 in a research report sent to investors on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the semiconductor company’s stock.

Several other analysts have also recently commented on SNPS. Robert W. Baird reduced their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Berenberg Bank assumed coverage on Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price target for the company. Redburn Atlantic assumed coverage on Synopsys in a report on Monday. They issued a “buy” rating and a $600.00 price target for the company. Loop Capital assumed coverage on Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price target for the company. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $635.00 price target on shares of Synopsys in a report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Synopsys has a consensus rating of “Moderate Buy” and an average target price of $641.82.

Synopsys Trading Down 1.0 %

Shares of SNPS stock opened at $487.43 on Monday. The business’s 50 day moving average is $522.84 and its two-hundred day moving average is $528.17. Synopsys has a twelve month low of $457.52 and a twelve month high of $629.38. The company has a market capitalization of $75.35 billion, a P/E ratio of 33.57, a price-to-earnings-growth ratio of 3.41 and a beta of 1.12.

Hedge Funds Weigh In On Synopsys

A number of institutional investors have recently made changes to their positions in SNPS. Davidson Capital Management Inc. grew its position 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 valued at $2,405,000 after purchasing an additional 4,736 shares during the period. Peloton Wealth Strategists increased its stake in Synopsys by 221.2% in the third quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock valued at $1,459,000 after purchasing an additional 1,984 shares during the last quarter. Swiss National Bank increased its stake in Synopsys by 0.7% in the third 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 during the last quarter. Parnassus Investments LLC acquired a new position in Synopsys in the third quarter valued at $633,469,000. Finally, Harvest Portfolios Group Inc. increased 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 during the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

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.