Synopsys (NASDAQ:SNPS) Stock Rating Reaffirmed by Needham & Company LLC

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They presently have a $660.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 12.36% from the stock’s current price.

A number of other equities analysts have also recently commented on SNPS. Piper Sandler began coverage on Synopsys in a report on Thursday, April 4th. They issued an “overweight” rating and a $665.00 target price for the company. Rosenblatt Securities reissued a “buy” rating and set a $615.00 price target on shares of Synopsys in a research report on Thursday. Robert W. Baird increased their price target on Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a research report on Thursday, February 22nd. Finally, StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys has an average rating of “Buy” and an average price target of $616.18.

Synopsys Price Performance

NASDAQ:SNPS opened at $587.40 on Thursday. Synopsys has a 1 year low of $409.83 and a 1 year high of $629.38. The stock’s 50 day simple moving average is $558.67 and its two-hundred day simple moving average is $546.95. The company has a market cap of $89.58 billion, a price-to-earnings ratio of 63.85, a PEG ratio of 3.42 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The business’s revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.76 EPS. As a group, analysts anticipate that Synopsys will post 9.78 EPS for the current year.

Insider Buying and Selling

In other Synopsys news, insider John F. Runkel, Jr. sold 5,319 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total value of $3,081,669.03. Following the sale, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,587,400. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 5,319 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total value of $3,081,669.03. Following the sale, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,587,400. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Roy Vallee sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total value of $5,726,600.00. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at $11,453,200. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently made changes to their positions in SNPS. Bay Harbor Wealth Management LLC purchased a new position in shares of Synopsys in the first quarter valued at approximately $26,000. University of Texas Texas AM Investment Managment Co. purchased a new position in Synopsys during the fourth quarter worth approximately $28,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Synopsys during the third quarter worth approximately $29,000. Jones Financial Companies Lllp lifted its position in Synopsys by 233.3% during the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock worth $31,000 after buying an additional 42 shares in the last quarter. Finally, Activest Wealth Management purchased a new position in Synopsys during the first quarter worth approximately $35,000. Hedge funds and other institutional investors 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.