Synopsys (NASDAQ:SNPS) Price Target Cut to $590.00 by Analysts at Morgan Stanley

Synopsys (NASDAQ:SNPS) had its price objective cut by Morgan Stanley from $625.00 to $590.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other research analysts have also issued reports on SNPS. Rosenblatt Securities reissued a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research report on Thursday, December 5th. Wells Fargo & Company decreased their price target on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Piper Sandler dropped their price objective on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Finally, Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They set a “buy” rating and a $675.00 target price for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and an average price target of $639.58.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $470.46 on Monday. Synopsys has a 1 year low of $457.00 and a 1 year high of $624.80. The stock has a market capitalization of $72.72 billion, a P/E ratio of 32.40, a P/E/G ratio of 3.23 and a beta of 1.12. The company’s 50-day moving average is $507.61 and its 200 day moving average is $516.56.

Insider Activity at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the transaction, the executive now owns 1,460 shares in the company, valued at approximately $738,774.60. This represents a 93.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Synopsys by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company’s stock worth $7,029,360,000 after acquiring an additional 120,575 shares during the period. Capital World Investors grew its position in Synopsys by 1.6% during the fourth quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company’s stock valued at $3,533,526,000 after buying an additional 114,893 shares during the period. State Street Corp increased its holdings in Synopsys by 1.7% during the third quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after buying an additional 119,057 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Synopsys by 21.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock worth $2,864,933,000 after acquiring an additional 1,045,326 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Synopsys by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company’s stock worth $1,625,230,000 after acquiring an additional 75,298 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

Synopsys Company Profile

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.