Synopsys (NASDAQ:SNPS) Sets New 52-Week Low After Analyst Downgrade

Synopsys, Inc. (NASDAQ:SNPS)’s stock price reached a new 52-week low on Tuesday after Morgan Stanley lowered their price target on the stock from $625.00 to $590.00. Morgan Stanley currently has an overweight rating on the stock. Synopsys traded as low as $457.00 and last traded at $462.45, with a volume of 229953 shares trading hands. The stock had previously closed at $470.08.

Several other equities research analysts also recently weighed in on SNPS. Robert W. Baird dropped 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, December 5th. Loop Capital began coverage on shares of Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price for the company. Piper Sandler reduced their price target on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research note on Friday, December 6th. Rosenblatt Securities reissued a “buy” rating and set a $635.00 target price on shares of Synopsys in a research note on Wednesday, December 4th. Finally, Needham & Company LLC restated a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $639.58.

Insider Transactions at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the sale, the executive now directly owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This represents a 93.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.66% of the stock is currently owned by company insiders.

Institutional Trading of Synopsys

Hedge funds have recently bought and sold shares of the stock. Allworth Financial LP increased its position in shares of Synopsys by 1.4% during the 3rd quarter. Allworth Financial LP now owns 2,297 shares of the semiconductor company’s stock worth $1,163,000 after purchasing an additional 32 shares in the last quarter. Arkadios Wealth Advisors increased its position in Synopsys by 13.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 912 shares of the semiconductor company’s stock valued at $462,000 after acquiring an additional 106 shares in the last quarter. Strategic Wealth Investment Group LLC increased its position in Synopsys by 26.4% in the 3rd quarter. Strategic Wealth Investment Group LLC now owns 1,332 shares of the semiconductor company’s stock valued at $660,000 after acquiring an additional 278 shares in the last quarter. abrdn plc grew its position in shares of Synopsys by 8.2% during the 3rd quarter. abrdn plc now owns 77,099 shares of the semiconductor company’s stock worth $39,130,000 after buying an additional 5,850 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Synopsys by 1.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 17,098 shares of the semiconductor company’s stock worth $8,658,000 after buying an additional 177 shares during the period. 85.47% of the stock is owned by institutional investors.

Synopsys Stock Performance

The company has a market cap of $70.79 billion, a price-to-earnings ratio of 31.54, a PEG ratio of 3.23 and a beta of 1.12. The firm’s 50-day moving average price is $508.09 and its 200 day moving average price is $516.89.

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.