Synopsys (NASDAQ:SNPS) Trading 4.2% Higher Following Analyst Upgrade

Synopsys, Inc. (NASDAQ:SNPS) traded up 4.2% during mid-day trading on Thursday after Robert W. Baird raised their price target on the stock from $640.00 to $645.00. Robert W. Baird currently has an outperform rating on the stock. Synopsys traded as high as $597.94 and last traded at $597.24. 495,205 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 1,129,793 shares. The stock had previously closed at $573.13.

A number of other equities research analysts have also recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and set a $672.00 target price (up previously from $665.00) on shares of Synopsys in a report on Thursday. JPMorgan Chase & Co. increased their price objective on Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $660.00 target price on shares of Synopsys in a report on Thursday. Rosenblatt Securities restated a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a research report on Thursday. Finally, StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Synopsys currently has a consensus rating of “Buy” and a consensus price target of $616.18.

Insider Transactions at Synopsys

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Private Advisor Group LLC boosted its stake in shares of Synopsys by 1.6% during the third quarter. Private Advisor Group LLC now owns 4,166 shares of the semiconductor company’s stock valued at $1,912,000 after purchasing an additional 66 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Synopsys by 11.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 487 shares of the semiconductor company’s stock worth $224,000 after acquiring an additional 51 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Synopsys during the third quarter worth about $828,000. Lincoln National Corp bought a new position in Synopsys during the 3rd quarter valued at approximately $226,000. Finally, Victory Capital Management Inc. increased its stake in shares of Synopsys by 5.9% during the third quarter. Victory Capital Management Inc. now owns 240,012 shares of the semiconductor company’s stock valued at $110,158,000 after buying an additional 13,458 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

The stock’s 50-day simple moving average is $558.67 and its 200-day simple moving average is $546.95. The firm has a market capitalization of $89.58 billion, a PE ratio of 63.85, a P/E/G ratio of 3.35 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a net margin of 23.05% and a return on equity of 23.47%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $1.76 EPS. The business’s quarterly revenue was up 15.2% on a year-over-year basis. As a group, analysts predict that Synopsys, Inc. will post 9.78 earnings per share for the current fiscal year.

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.