Wells Fargo & Company Initiates Coverage on Synopsys (NASDAQ:SNPS)

Equities researchers at Wells Fargo & Company initiated coverage on shares of Synopsys (NASDAQ:SNPS) in a report issued on Friday, Marketbeat Ratings reports. The brokerage set an “equal weight” rating and a $570.00 price target on the semiconductor company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 0.87% from the stock’s previous close.

Several other equities research analysts also recently commented on SNPS. Rosenblatt Securities reiterated a “buy” rating and set a $635.00 target price on shares of Synopsys in a research report on Friday, August 23rd. Robert W. Baird lifted their target price 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 set an “outperform” rating and a $650.00 price target for the company. Berenberg Bank initiated coverage on shares of Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $640.00 price target on shares of Synopsys in a report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and a consensus price target of $644.36.

Synopsys Price Performance

NASDAQ:SNPS opened at $565.07 on Friday. The firm’s 50 day simple moving average is $520.78 and its 200 day simple moving average is $545.66. Synopsys has a one year low of $457.52 and a one year high of $629.38. The company has a market cap of $86.80 billion, a PE ratio of 58.62, a P/E/G ratio of 3.40 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the company earned $2.17 EPS. The firm’s revenue was up 12.7% compared to the same quarter last year. Equities research analysts expect that Synopsys will post 9.45 EPS for the current year.

Institutional Trading of Synopsys

Several hedge funds have recently modified their holdings of SNPS. ORG Partners LLC grew its position in Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 36 shares during the period. Pacifica Partners Inc. acquired a new stake in Synopsys in the 3rd quarter valued at $25,000. Tsfg LLC grew its position in Synopsys by 75.0% in the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 24 shares during the period. Chris Bulman Inc acquired a new stake in Synopsys in the 2nd quarter valued at $30,000. Finally, Hazlett Burt & Watson Inc. grew its position in Synopsys by 40.0% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 20 shares during the period. 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.