Synopsys (NASDAQ:SNPS) Sets New 52-Week Low – Here’s Why

Synopsys, Inc. (NASDAQ:SNPS)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $423.08 and last traded at $426.49, with a volume of 96037 shares changing hands. The stock had previously closed at $437.95.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SNPS shares. Wells Fargo & Company decreased their price objective on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Rosenblatt Securities restated a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research note on Tuesday, February 25th. Piper Sandler dropped their price objective on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Redburn Atlantic initiated coverage on Synopsys in a research report on Monday, January 13th. They issued a “buy” rating and a $600.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Synopsys presently has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Synopsys Stock Performance

The business’s 50-day moving average price is $481.79 and its 200-day moving average price is $504.91. The stock has a market cap of $67.41 billion, a P/E ratio of 30.02, a P/E/G ratio of 3.23 and a beta of 1.16.

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the completion of the transaction, the chief executive officer now directly owns 70,922 shares in the company, valued at approximately $32,890,077.50. The trade was a 13.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the sale, the executive now owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,909 shares of company stock valued at $22,794,835. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Synopsys

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in Synopsys in the 4th quarter valued at $583,608,000. Price T Rowe Associates Inc. MD raised its position in Synopsys by 21.5% in the 4th 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 purchasing an additional 1,045,326 shares during the period. Capital Research Global Investors purchased a new stake in shares of Synopsys in the fourth quarter worth approximately $239,864,000. Raymond James Financial Inc. purchased a new stake in Synopsys in the fourth quarter worth $199,065,000. Finally, Ameriprise Financial Inc. lifted its holdings in Synopsys by 26.2% during the 4th quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company’s stock valued at $916,441,000 after buying an additional 391,681 shares in 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.