Synopsys (NASDAQ:SNPS) Coverage Initiated at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Synopsys (NASDAQ:SNPS) in a research note issued to investors on Friday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $570.00 price objective on the semiconductor company’s stock.

SNPS has been the topic of a number of other reports. Robert W. Baird lifted their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Mizuho initiated coverage on shares of Synopsys in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $640.00 price objective on shares of Synopsys in a report on Tuesday, October 22nd. Berenberg Bank assumed coverage on Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 target price on the stock. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price target on shares of Synopsys in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $644.36.

Synopsys Stock Performance

NASDAQ SNPS opened at $561.87 on Friday. The company has a market cap of $86.31 billion, a PE ratio of 58.29, a P/E/G ratio of 3.45 and a beta of 1.08. Synopsys has a 52-week low of $457.52 and a 52-week high of $629.38. The firm’s 50 day moving average price is $522.05 and its 200-day moving average price is $545.71.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Swedbank AB acquired a new stake in shares of Synopsys in the first quarter worth $1,051,637,000. Parnassus Investments LLC acquired a new stake in Synopsys during the 3rd quarter worth about $633,469,000. Sustainable Growth Advisers LP purchased a new position in shares of Synopsys during the 2nd quarter valued at about $572,050,000. Edgewood Management LLC raised its stake in shares of Synopsys by 18.9% during the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after buying an additional 487,025 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Synopsys by 26.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock valued at $791,923,000 after buying an additional 335,993 shares during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.

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.