Brokerages Set Synopsys, Inc. (NASDAQ:SNPS) PT at $616.18

Shares of Synopsys, Inc. (NASDAQ:SNPS) have been assigned an average recommendation of “Buy” from the ten research firms that are presently covering the stock, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $616.18.

SNPS has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $660.00 price target on shares of Synopsys in a research report on Thursday, May 23rd. JPMorgan Chase & Co. upped their target price on Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Piper Sandler reissued an “overweight” rating and issued a $672.00 price target (up previously from $665.00) on shares of Synopsys in a research note on Thursday, May 23rd. StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Finally, Robert W. Baird increased their price objective on shares of Synopsys from $640.00 to $645.00 and gave the company an “outperform” rating in a report on Thursday, May 23rd.

Insider Activity

In related news, insider John F. Runkel, Jr. sold 5,319 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at $11,587,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Synopsys news, insider John F. Runkel, Jr. sold 936 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $566.97, for a total transaction of $530,683.92. Following the transaction, the insider now owns 20,000 shares of the company’s stock, valued at $11,339,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total value of $3,081,669.03. Following the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The disclosure for this sale can be found here. Insiders sold 23,288 shares of company stock worth $13,527,485 over the last three months. Insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Synopsys

A number of institutional investors have recently bought and sold shares of the company. Jackson Wealth Management LLC increased its holdings in shares of Synopsys by 8.4% during the 1st quarter. Jackson Wealth Management LLC now owns 7,646 shares of the semiconductor company’s stock worth $4,370,000 after buying an additional 595 shares during the last quarter. American Trust lifted its stake in shares of Synopsys by 2.1% in the 1st quarter. American Trust now owns 1,490 shares of the semiconductor company’s stock valued at $852,000 after purchasing an additional 30 shares during the last quarter. Cypress Asset Management Inc. TX grew its holdings in shares of Synopsys by 21.6% during the 1st quarter. Cypress Asset Management Inc. TX now owns 2,740 shares of the semiconductor company’s stock worth $1,626,000 after purchasing an additional 487 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Synopsys by 18.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 611 shares of the semiconductor company’s stock worth $324,000 after purchasing an additional 95 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its holdings in Synopsys by 19.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 160,173 shares of the semiconductor company’s stock valued at $92,911,000 after buying an additional 25,948 shares during the period. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $595.60 on Friday. The stock has a market capitalization of $91.26 billion, a price-to-earnings ratio of 64.74, a PEG ratio of 3.94 and a beta of 1.08. The firm’s 50 day simple moving average is $564.10 and its 200-day simple moving average is $555.17. Synopsys has a 12 month low of $416.87 and a 12 month high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing the consensus estimate of $3.03 by ($0.03). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.76 EPS. Analysts anticipate that Synopsys will post 9.66 earnings per share for the current fiscal year.

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.