Synopsys, Inc. (NASDAQ:SNPS) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Synopsys, Inc. (NASDAQ:SNPSGet Rating) have received an average rating of “Moderate Buy” from the fifteen ratings firms that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $404.54.

Several equities analysts have issued reports on SNPS shares. Needham & Company LLC raised their price objective on Synopsys from $380.00 to $420.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. StockNews.com initiated coverage on shares of Synopsys in a research note on Wednesday, October 12th. They issued a “buy” rating for the company. Wells Fargo & Company decreased their price target on shares of Synopsys from $425.00 to $400.00 and set an “overweight” rating on the stock in a report on Tuesday. Edward Jones started coverage on shares of Synopsys in a report on Wednesday, November 16th. They set a “hold” rating on the stock. Finally, KeyCorp boosted their price objective on shares of Synopsys from $445.00 to $455.00 and gave the stock an “overweight” rating in a report on Thursday, August 18th.

Synopsys Price Performance

SNPS stock opened at $334.29 on Friday. Synopsys has a 1 year low of $255.02 and a 1 year high of $391.17. The firm has a market capitalization of $51.12 billion, a PE ratio of 50.73, a price-to-earnings-growth ratio of 2.83 and a beta of 1.18. The business has a 50 day simple moving average of $304.43 and a 200-day simple moving average of $318.50.

Synopsys announced that its Board of Directors has authorized a share repurchase program on Thursday, September 1st that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Synopsys

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Curi Wealth Management LLC raised its holdings in shares of Synopsys by 18.5% during the second quarter. Curi Wealth Management LLC now owns 179 shares of the semiconductor company’s stock valued at $54,000 after acquiring an additional 28 shares during the period. Tortoise Investment Management LLC raised its holdings in shares of Synopsys by 64.7% during the second quarter. Tortoise Investment Management LLC now owns 84 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 33 shares during the period. UMB Bank n.a. increased its stake in Synopsys by 2.0% in the 2nd quarter. UMB Bank n.a. now owns 1,775 shares of the semiconductor company’s stock valued at $539,000 after buying an additional 35 shares during the period. Pinnacle Wealth Planning Services Inc. increased its stake in Synopsys by 3.2% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,122 shares of the semiconductor company’s stock valued at $343,000 after buying an additional 35 shares during the period. Finally, Cadence Bank increased its stake in Synopsys by 1.2% in the 3rd quarter. Cadence Bank now owns 3,036 shares of the semiconductor company’s stock valued at $928,000 after buying an additional 35 shares during the period. 84.99% of the stock is owned by institutional investors and hedge funds.

Synopsys Company Profile

(Get Rating)

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that provides 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.

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Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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