Wells Fargo & Company Lowers Synopsys (NASDAQ:SNPS) Price Target to $540.00

Synopsys (NASDAQ:SNPS) had its price objective reduced by Wells Fargo & Company from $570.00 to $540.00 in a report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

Several other equities analysts also recently commented on the stock. Robert W. Baird lowered their price objective 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. Berenberg Bank started coverage on Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective for the company. Piper Sandler reduced their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research note on Thursday, December 5th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $641.82.

Synopsys Stock Performance

NASDAQ:SNPS opened at $507.19 on Monday. Synopsys has a fifty-two week low of $457.52 and a fifty-two week high of $629.38. The business has a 50 day moving average price of $522.21 and a 200-day moving average price of $527.43. The firm has a market cap of $78.40 billion, a PE ratio of 34.93, a price-to-earnings-growth ratio of 3.22 and a beta of 1.12.

Hedge Funds Weigh In On Synopsys

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Parnassus Investments LLC bought a new position in Synopsys during the 3rd quarter valued at approximately $633,469,000. Edgewood Management LLC boosted its stake in Synopsys by 18.9% in the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after purchasing an additional 487,025 shares in the last quarter. Van ECK Associates Corp grew its position in Synopsys by 26.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock valued at $791,923,000 after purchasing an additional 335,993 shares during the last quarter. Impax Asset Management Group plc increased its stake in Synopsys by 120.2% during the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock valued at $248,497,000 after purchasing an additional 267,836 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Synopsys by 32.5% in the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock worth $531,056,000 after buying an additional 257,526 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.