Mizuho Initiates Coverage on Synopsys (NASDAQ:SNPS)

Stock analysts at Mizuho started coverage on shares of Synopsys (NASDAQ:SNPS) in a research report issued on Tuesday, MarketBeat reports. The firm set an “outperform” rating and a $650.00 price target on the semiconductor company’s stock. Mizuho’s target price suggests a potential upside of 31.74% from the stock’s current price.

Other analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Thursday, August 22nd. Berenberg Bank initiated coverage on shares of Synopsys in a research report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price target on the stock. Robert W. Baird increased their price objective on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and issued a $687.00 target price on shares of Synopsys in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $644.55.

Synopsys Price Performance

Shares of SNPS opened at $493.41 on Tuesday. The firm has a market cap of $75.60 billion, a P/E ratio of 53.63, a price-to-earnings-growth ratio of 3.47 and a beta of 1.08. Synopsys has a 1 year low of $448.91 and a 1 year high of $629.38. The company has a 50 day simple moving average of $510.44 and a two-hundred day simple moving average of $546.23.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.15. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. Synopsys’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company posted $2.17 earnings per share. On average, sell-side analysts anticipate that Synopsys will post 9.45 earnings per share for the current year.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the transaction, the chief executive officer now owns 62,568 shares in the company, valued at $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Synopsys

Large investors have recently made changes to their positions in the stock. ORG Partners LLC grew its stake in Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 36 shares in the last quarter. Chris Bulman Inc purchased a new stake in shares of Synopsys in the 2nd quarter worth $30,000. Pacifica Partners Inc. purchased a new position in shares of Synopsys during the third quarter valued at $25,000. Tsfg LLC raised its holdings in shares of Synopsys by 75.0% in the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 24 shares in the last quarter. Finally, Fortitude Family Office LLC raised its holdings in shares of Synopsys by 66.7% in the second quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 24 shares in the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Company Profile

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.