Analysts Set Synopsys, Inc. (NASDAQ:SNPS) Price Target at $616.18

Shares of Synopsys, Inc. (NASDAQ:SNPSGet Free Report) have received an average rating of “Buy” from the ten analysts that are presently covering the firm, Marketbeat.com reports. Ten research analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have covered the stock in the last year is $616.18.

SNPS has been the topic of several research analyst reports. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research report on Thursday, May 23rd. Robert W. Baird boosted their price target on Synopsys from $640.00 to $645.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. JPMorgan Chase & Co. increased their price objective on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Finally, Piper Sandler restated an “overweight” rating and set a $672.00 target price (up from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd.

Check Out Our Latest Stock Analysis on SNPS

Insider Transactions at Synopsys

In related news, insider John F. Runkel, Jr. sold 936 shares of Synopsys stock in a transaction on Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,339,400. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider John F. Runkel, Jr. sold 936 shares of Synopsys stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $566.97, for a total transaction of $530,683.92. Following the sale, the insider now owns 20,000 shares of the company’s stock, valued at approximately $11,339,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $582.41, for a total value of $5,995,328.54. Following the completion of the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at $36,440,228.88. The disclosure for this sale can be found here. Insiders sold a total of 23,288 shares of company stock valued at $13,527,485 over the last three months. Corporate insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Synopsys

Institutional investors have recently bought and sold shares of the stock. LPL Financial LLC increased its holdings in shares of Synopsys by 16.0% in the third quarter. LPL Financial LLC now owns 56,608 shares of the semiconductor company’s stock worth $25,981,000 after purchasing an additional 7,826 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its stake in Synopsys by 0.8% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 8,813 shares of the semiconductor company’s stock worth $4,045,000 after acquiring an additional 70 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Synopsys by 7.5% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,580 shares of the semiconductor company’s stock worth $5,774,000 after acquiring an additional 878 shares in the last quarter. Pinnbrook Capital Management LP boosted its position in shares of Synopsys by 55.4% during the 3rd quarter. Pinnbrook Capital Management LP now owns 16,427 shares of the semiconductor company’s stock valued at $7,540,000 after acquiring an additional 5,857 shares during the last quarter. Finally, Allstate Corp purchased a new position in shares of Synopsys in the third quarter valued at $205,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Trading Down 1.6 %

Synopsys stock opened at $595.60 on Friday. The firm has a market cap of $91.26 billion, a price-to-earnings ratio of 64.74, a PEG ratio of 3.94 and a beta of 1.08. Synopsys has a 12 month low of $416.87 and a 12 month high of $629.38. The stock has a fifty day simple moving average of $564.10 and a two-hundred day simple moving average of $555.17.

Synopsys (NASDAQ:SNPSGet Free Report) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. Synopsys’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period last year, the firm posted $1.76 EPS. On average, equities research analysts forecast that Synopsys will post 9.66 EPS for the current fiscal year.

About Synopsys

(Get Free Report

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.

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Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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