Synopsys (NASDAQ:SNPS) Given New $653.00 Price Target at Piper Sandler

Synopsys (NASDAQ:SNPS) had its price objective lowered by Piper Sandler from $655.00 to $653.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

SNPS has been the subject of several other research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $660.00 price target on shares of Synopsys in a research note on Tuesday. Morgan Stanley dropped their price target on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday. Wells Fargo & Company dropped their price target on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research note on Thursday. Robert W. Baird dropped their price target on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 price target on shares of Synopsys in a research note on Thursday. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $638.58.

Synopsys Stock Performance

SNPS stock opened at $454.71 on Thursday. The company has a fifty day moving average price of $506.84 and a 200-day moving average price of $516.13. The company has a market capitalization of $70.29 billion, a P/E ratio of 31.32, a PEG ratio of 3.23 and a beta of 1.12. Synopsys has a 52-week low of $454.05 and a 52-week high of $624.80.

Insiders Place Their Bets

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total value of $10,544,236.38. Following the completion of the sale, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Synopsys

A number of large investors have recently bought and sold shares of SNPS. Kieckhefer Group LLC acquired a new stake in Synopsys in the fourth quarter worth $27,000. Ameriflex Group Inc. acquired a new stake in Synopsys in the fourth quarter worth $29,000. Whipplewood Advisors LLC acquired a new stake in Synopsys in the fourth quarter worth $33,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Synopsys in the fourth quarter worth $34,000. Finally, Hazlett Burt & Watson Inc. grew its holdings in Synopsys by 40.0% in the third quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 20 shares during the period. 85.47% of the stock is currently owned by institutional investors and hedge funds.

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.