Synopsys Inc. (SNPS) Stock Rating Reaffirmed by RBC Capital Markets
Synopsys Inc. (NASDAQ:SNPS)‘s stock had its “outperform” rating restated by equities researchers at RBC Capital Markets in a report released on Saturday. They presently have a $66.00 price target on the stock. RBC Capital Markets’ price objective would suggest a potential upside of 10.46% from the company’s current price.
Several other brokerages also recently issued reports on SNPS. DA Davidson reissued a “buy” rating and issued a $75.00 price target (up previously from $64.00) on shares of Synopsys in a report on Wednesday. Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating in a report on Tuesday, August 23rd. Needham & Company LLC raised their price target on Synopsys from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. KeyCorp raised their price target on Synopsys from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, August 18th. Finally, Benchmark Co. raised their price target on Synopsys from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 18th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Synopsys presently has a consensus rating of “Buy” and a consensus target price of $62.78.
Synopsys (NASDAQ:SNPS) traded up 0.45% during trading on Friday, reaching $59.75. The company’s stock had a trading volume of 899,049 shares. The company has a market capitalization of $9.04 billion, a P/E ratio of 38.11 and a beta of 0.89. Synopsys has a 1-year low of $39.26 and a 1-year high of $61.36. The company’s 50-day moving average is $59.20 and its 200-day moving average is $53.78.
Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 17th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02. The company earned $615.20 million during the quarter, compared to analyst estimates of $602.89 million. Synopsys had a return on equity of 12.15% and a net margin of 10.27%. The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 EPS. Equities analysts anticipate that Synopsys will post $3.02 EPS for the current year.
In other news, Chairman Geus Aart De sold 306,000 shares of the business’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $58.39, for a total value of $17,867,340.00. Following the sale, the chairman now owns 159,791 shares of the company’s stock, valued at approximately $9,330,196.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chi-Foon Chan sold 2,000 shares of the business’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $58.23, for a total value of $116,460.00. Following the completion of the sale, the chief executive officer now directly owns 193,935 shares in the company, valued at approximately $11,292,835.05. The disclosure for this sale can be found here. Company insiders own 1.62% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Mizuho Asset Management Co. Ltd. increased its stake in Synopsys by 43.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,963 shares of the company’s stock worth $106,000 after buying an additional 590 shares in the last quarter. Creative Planning increased its stake in Synopsys by 17.2% in the third quarter. Creative Planning now owns 1,884 shares of the company’s stock worth $112,000 after buying an additional 276 shares in the last quarter. Advisor Group Inc. purchased a new stake in Synopsys during the second quarter worth approximately $130,000. Invictus RG increased its stake in Synopsys by 751.3% in the first quarter. Invictus RG now owns 2,869 shares of the company’s stock worth $139,000 after buying an additional 2,532 shares in the last quarter. Finally, Peddock Capital Advisors LLC purchased a new stake in Synopsys during the third quarter worth approximately $203,000. 91.01% of the stock is currently owned by institutional investors.
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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