Synopsys (NASDAQ:SNPS) Stock Rating Reaffirmed by Needham & Company LLC

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $640.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 29.71% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $687.00 price objective on shares of Synopsys in a report on Thursday, August 22nd. JPMorgan Chase & Co. raised their price target on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. KeyCorp boosted their price objective on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities restated a “buy” rating and set a $635.00 target price on shares of Synopsys in a research note on Friday, August 23rd. Finally, Berenberg Bank began coverage on Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target for the company. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $644.55.

Synopsys Price Performance

Synopsys stock opened at $493.41 on Tuesday. Synopsys has a one year low of $448.91 and a one year high of $629.38. The company’s fifty day moving average price is $510.44 and its two-hundred day moving average price is $546.23. The company has a market capitalization of $75.60 billion, a price-to-earnings ratio of 53.63, a PEG ratio of 3.47 and a beta of 1.08.

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

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 10,293 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total value 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 approximately $34,655,789.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SNPS. ORG Partners LLC raised its stake in shares of Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 36 shares during the last quarter. Pacifica Partners Inc. bought a new position in Synopsys in the 3rd quarter valued at $25,000. Tsfg LLC boosted its stake in Synopsys by 75.0% in the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 24 shares in the last quarter. Chris Bulman Inc bought a new stake in shares of Synopsys during the second quarter worth $30,000. Finally, Fortitude Family Office LLC increased its stake 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 buying an additional 24 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

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.