Piper Sandler Issues Pessimistic Forecast for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS) had its price target cut by research analysts at Piper Sandler from $655.00 to $653.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s target price indicates a potential upside of 42.80% from the stock’s current price.

Several other analysts have also commented on the stock. Robert W. Baird lowered their price objective on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Redburn Atlantic began coverage on shares of Synopsys in a report on Monday, January 13th. They issued a “buy” rating and a $600.00 price objective for the company. Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 target price on shares of Synopsys in a research note on Thursday. Finally, Wells Fargo & Company decreased their target price on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research note on Thursday. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $638.58.

Synopsys Price Performance

Shares of SNPS opened at $457.28 on Thursday. Synopsys has a one year low of $448.11 and a one year high of $624.80. The company has a 50-day simple moving average of $506.14 and a two-hundred day simple moving average of $515.69. The firm has a market capitalization of $70.69 billion, a PE ratio of 31.49, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12.

Insider Activity at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction that occurred 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 owns 1,460 shares of the company’s stock, valued at $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Synopsys

Several institutional investors and hedge funds have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Synopsys during the fourth quarter valued at approximately $104,237,000. Jefferies Financial Group Inc. increased its position in shares of Synopsys by 35.1% during the fourth quarter. Jefferies Financial Group Inc. now owns 2,557 shares of the semiconductor company’s stock valued at $1,241,000 after acquiring an additional 665 shares in the last quarter. ABLE Financial Group LLC boosted its holdings in Synopsys by 21.6% in the fourth quarter. ABLE Financial Group LLC now owns 3,232 shares of the semiconductor company’s stock worth $1,569,000 after purchasing an additional 575 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in Synopsys by 44.8% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 1,250 shares of the semiconductor company’s stock worth $607,000 after purchasing an additional 387 shares during the last quarter. Finally, Armis Advisers LLC purchased a new stake in Synopsys in the fourth quarter worth approximately $390,000. Institutional investors 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.