Wells Fargo & Company Has Lowered Expectations for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS) had its price objective dropped by Wells Fargo & Company from $570.00 to $540.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 10.12% from the company’s current price.

Several other brokerages have also commented on SNPS. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research report on Thursday, December 5th. Mizuho initiated coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective for the company. Piper Sandler dropped their price objective on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a report on Friday, December 6th. Loop Capital assumed coverage on Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 target price for the company. Finally, Redburn Atlantic assumed coverage on Synopsys in a research note on Monday. They set a “buy” rating and a $600.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Synopsys presently has an average rating of “Moderate Buy” and an average price target of $641.82.

Synopsys Stock Performance

Synopsys stock opened at $490.36 on Monday. The stock has a market cap of $75.80 billion, a PE ratio of 33.77, a price-to-earnings-growth ratio of 3.41 and a beta of 1.12. The stock has a 50-day moving average of $522.21 and a two-hundred day moving average of $527.43. Synopsys has a one year low of $457.52 and a one year high of $629.38.

Institutional Trading of Synopsys

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Davidson Capital Management Inc. boosted its position in Synopsys by 33,828.6% in the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock worth $2,405,000 after purchasing an additional 4,736 shares in the last quarter. Peloton Wealth Strategists lifted its stake in shares of Synopsys by 221.2% in the 3rd quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock valued at $1,459,000 after purchasing an additional 1,984 shares during the period. Swiss National Bank boosted its holdings in Synopsys by 0.7% during the third quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock worth $230,306,000 after buying an additional 3,200 shares in the last quarter. Parnassus Investments LLC acquired a new stake in Synopsys during the third quarter valued at $633,469,000. Finally, Harvest Portfolios Group Inc. increased its holdings in Synopsys by 3.7% in the third quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock valued at $21,330,000 after buying an additional 1,496 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

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.