Analysts Set Synopsys, Inc. (NASDAQ:SNPS) Price Target at $649.82

Shares of Synopsys, Inc. (NASDAQ:SNPS) have received an average recommendation of “Buy” from the eleven analysts that are currently covering the firm, MarketBeat reports. Eleven analysts have rated the stock with a buy recommendation. The average 1 year target price among analysts that have issued a report on the stock in the last year is $649.82.

Several analysts have weighed in on the company. Mizuho assumed coverage on Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective on the stock. Piper Sandler reduced their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Loop Capital initiated coverage on Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. 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.

Synopsys Stock Performance

NASDAQ SNPS opened at $557.73 on Tuesday. The stock has a market cap of $85.67 billion, a P/E ratio of 57.86, a price-to-earnings-growth ratio of 3.26 and a beta of 1.08. Synopsys has a fifty-two week low of $457.52 and a fifty-two week high of $629.38. The stock has a 50 day simple moving average of $519.28 and a two-hundred day simple moving average of $545.55.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping 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 company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the firm posted $2.17 earnings per share. The firm’s revenue was up 12.7% on a year-over-year basis. Sell-side analysts predict that Synopsys will post 9.45 earnings per share for the current year.

Institutional Trading of Synopsys

Institutional investors have recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC purchased a new position in shares of Synopsys during the first quarter valued at approximately $239,000. O Shaughnessy Asset Management LLC raised its stake in Synopsys by 13.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,656 shares of the semiconductor company’s stock valued at $9,519,000 after buying an additional 1,929 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Synopsys by 158.4% during the 1st quarter. Clearbridge Investments LLC now owns 204,677 shares of the semiconductor company’s stock valued at $116,973,000 after buying an additional 125,464 shares during the period. Lake Street Advisors Group LLC boosted its stake in shares of Synopsys by 33.9% in the 1st quarter. Lake Street Advisors Group LLC now owns 872 shares of the semiconductor company’s stock worth $498,000 after buying an additional 221 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Synopsys in the first quarter worth $29,985,000. 85.47% of the stock is currently 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.