Redburn Atlantic Initiates Coverage on Synopsys (NASDAQ:SNPS)

Stock analysts at Redburn Atlantic assumed coverage on shares of Synopsys (NASDAQ:SNPS) in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $600.00 price target on the semiconductor company’s stock. Redburn Atlantic’s target price indicates a potential upside of 22.36% from the company’s current price.

A number of other research analysts have also weighed in on the company. Piper Sandler reduced their price target on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research note on Thursday, December 5th. Robert W. Baird lowered their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Loop Capital initiated coverage on shares of Synopsys in a report on Monday, November 11th. They set a “buy” rating and a $675.00 price objective on the stock. Finally, Mizuho began coverage on shares of Synopsys in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 target price for the company. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and an average target price of $641.82.

Synopsys Stock Performance

Shares of SNPS opened at $490.36 on Monday. Synopsys has a 1 year low of $457.52 and a 1 year high of $629.38. The company’s 50 day simple moving average is $522.21 and its 200 day simple moving average is $527.43. The company has a market capitalization of $75.80 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 3.41 and a beta of 1.12.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently made changes to their positions in SNPS. Hazlett Burt & Watson Inc. increased its holdings 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 in the last quarter. Green Alpha Advisors LLC grew its stake in shares of Synopsys by 1.7% in the third quarter. Green Alpha Advisors LLC now owns 1,294 shares of the semiconductor company’s stock valued at $655,000 after buying an additional 22 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in shares of Synopsys by 1.5% in the third quarter. Aptus Capital Advisors LLC now owns 1,447 shares of the semiconductor company’s stock valued at $733,000 after buying an additional 22 shares in the last quarter. Resurgent Financial Advisors LLC raised its holdings in shares of Synopsys by 2.8% during the 3rd quarter. Resurgent Financial Advisors LLC now owns 809 shares of the semiconductor company’s stock valued at $410,000 after buying an additional 22 shares during the period. Finally, Larson Financial Group LLC lifted its position in Synopsys by 6.1% during the 3rd quarter. Larson Financial Group LLC now owns 398 shares of the semiconductor company’s stock worth $202,000 after acquiring an additional 23 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

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.