Synopsys (NASDAQ:SNPS) PT Raised to $687.00

Synopsys (NASDAQ:SNPS) had its target price increased by research analysts at Piper Sandler from $672.00 to $687.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s target price would suggest a potential upside of 12.86% from the stock’s previous close.

A number of other brokerages also recently weighed in on SNPS. Robert W. Baird boosted their price target on shares of Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Thursday, May 23rd. StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. raised their target price on Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $627.18.

Synopsys Stock Performance

Shares of SNPS stock opened at $608.74 on Wednesday. The company has a market capitalization of $93.27 billion, a price-to-earnings ratio of 66.17, a PEG ratio of 3.97 and a beta of 1.07. Synopsys has a 52-week low of $418.51 and a 52-week high of $629.38. The company has a 50-day simple moving average of $584.56 and a two-hundred day simple moving average of $559.95.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.03 by ($0.03). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.76 earnings per share. On average, sell-side analysts forecast that Synopsys will post 9.66 EPS for the current fiscal year.

Insider Activity

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction dated 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 owns 62,568 shares in the company, valued at approximately $36,440,228.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider John F. Runkel, Jr. sold 936 shares of the business’s 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 completion of the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,339,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction 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 sale, the chief executive officer now owns 62,568 shares in the company, valued at approximately $36,440,228.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,222 shares of company stock worth $43,691,039. 0.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synopsys

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bay Harbor Wealth Management LLC purchased a new position in shares of Synopsys during the first quarter worth about $26,000. University of Texas Texas AM Investment Managment Co. purchased a new position in Synopsys in the 4th quarter worth approximately $28,000. Jones Financial Companies Lllp increased its holdings in shares of Synopsys by 233.3% in the 4th quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock worth $31,000 after buying an additional 42 shares during the last quarter. Fortitude Family Office LLC raised its position in shares of Synopsys by 66.7% during the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 24 shares in the last quarter. Finally, Activest Wealth Management bought a new stake in shares of Synopsys during the 1st quarter worth $35,000. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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.