Analysts Set Synopsys, Inc. (NASDAQ:SNPS) Price Target at $618.31

Shares of Synopsys, Inc. (NASDAQ:SNPS) have been assigned an average recommendation of “Moderate Buy” from the thirteen analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $618.31.

SNPS has been the subject of several analyst reports. Piper Sandler dropped their target price on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Bank of America cut their target price on Synopsys from $630.00 to $560.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Morgan Stanley decreased their price target on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a research note on Tuesday, February 25th. Finally, Mizuho lowered their target price on Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $463.75, for a total value of $5,270,982.50. Following the sale, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at approximately $32,890,077.50. This represents a 13.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Geus Aart De sold 15,705 shares of Synopsys stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares of the company’s stock, valued at $51,850,925.82. This represents a 11.86 % decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synopsys

A number of hedge funds have recently added to or reduced their stakes in the business. Kieckhefer Group LLC bought a new stake in shares of Synopsys in the 4th quarter valued at $27,000. Ameriflex Group Inc. acquired a new position in Synopsys during the 4th quarter worth approximately $29,000. Whipplewood Advisors LLC bought a new position in Synopsys in the fourth quarter worth approximately $33,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Synopsys in the fourth quarter valued at approximately $34,000. Finally, Sierra Ocean LLC bought a new stake in shares of Synopsys during the fourth quarter valued at approximately $39,000. 85.47% of the stock is currently owned by institutional investors.

Synopsys Stock Performance

NASDAQ:SNPS opened at $413.32 on Friday. Synopsys has a fifty-two week low of $365.74 and a fifty-two week high of $624.80. The company has a market cap of $63.91 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 3.23 and a beta of 1.23. The stock has a fifty day moving average price of $446.35 and a 200-day moving average price of $495.09.

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.