Needham & Company LLC Reiterates Buy Rating for Synopsys (NASDAQ:SNPS)

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $650.00 price target on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 42.14% from the stock’s current price.

A number of other analysts also recently commented on the company. Wells Fargo & Company reduced their price objective on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research report on Thursday. Redburn Atlantic started coverage on Synopsys in a research report on Monday, January 13th. They issued a “buy” rating and a $600.00 price objective for the company. Loop Capital started coverage on Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. Morgan Stanley reduced their price objective on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research report on Monday, February 24th. Finally, Piper Sandler reduced their price objective on Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research report on Friday, December 6th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $638.58.

Synopsys Stock Up 0.6 %

SNPS opened at $457.28 on Thursday. The firm has a market capitalization of $70.69 billion, a P/E ratio of 31.49, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. The stock’s 50 day moving average price is $506.14 and its two-hundred day moving average price is $515.69. Synopsys has a 12-month low of $448.11 and a 12-month high of $624.80.

Insider Buying and Selling

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of Synopsys stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the completion of the transaction, the executive now owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synopsys

Several institutional investors have recently bought and sold shares of SNPS. Arkadios Wealth Advisors raised 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 purchasing an additional 106 shares during the last quarter. abrdn plc raised its position in Synopsys by 8.2% in the 3rd quarter. abrdn plc now owns 77,099 shares of the semiconductor company’s stock valued at $39,130,000 after purchasing an additional 5,850 shares during the last quarter. Integrated Advisors Network LLC raised its position in Synopsys by 243.1% in the 3rd quarter. Integrated Advisors Network LLC now owns 1,726 shares of the semiconductor company’s stock valued at $874,000 after purchasing an additional 1,223 shares during the last quarter. Strategic Blueprint LLC raised its position in Synopsys by 4.9% in the 3rd quarter. Strategic Blueprint LLC now owns 687 shares of the semiconductor company’s stock valued at $348,000 after purchasing an additional 32 shares during the last quarter. Finally, Diversify Wealth Management LLC acquired a new stake in shares of Synopsys in the 3rd quarter valued at $328,000. 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.