Synopsys’ (SNPS) Buy Rating Reaffirmed at Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of Synopsys, Inc. (NASDAQ:SNPS) in a research note published on Thursday morning, Marketbeat.com reports. The firm currently has a $83.00 target price on the semiconductor company’s stock, up from their prior target price of $77.00.
Several other equities research analysts have also recently weighed in on SNPS. Zacks Investment Research cut Synopsys from a buy rating to a hold rating in a research report on Tuesday, May 16th. Royal Bank Of Canada reiterated an outperform rating and set a $85.00 price target (up from $77.00) on shares of Synopsys in a research report on Thursday, May 18th. Pacific Crest reiterated an overweight rating and set a $86.00 price target (up from $78.00) on shares of Synopsys in a research report on Friday, May 19th. DA Davidson reissued a buy rating and set a $85.00 price objective (up previously from $77.00) on shares of Synopsys in a report on Friday, May 19th. Finally, Bank of America Corporation reissued a buy rating and set a $87.00 price objective (up previously from $80.00) on shares of Synopsys in a report on Friday, May 19th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $81.38.
Shares of Synopsys (NASDAQ SNPS) opened at 77.22 on Thursday. The firm’s 50-day moving average is $75.74 and its 200-day moving average is $72.88. Synopsys has a 52 week low of $56.03 and a 52 week high of $79.66. The firm has a market capitalization of $11.60 billion, a P/E ratio of 36.25 and a beta of 1.02.
Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.92. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The firm had revenue of $695.40 million for the quarter, compared to analysts’ expectations of $691.22 million. During the same period in the prior year, the business posted $0.76 earnings per share. The company’s revenue was up 13.0% on a year-over-year basis. Equities analysts anticipate that Synopsys will post $3.31 EPS for the current year.
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Synopsys declared that its Board of Directors has approved a stock buyback program on Friday, June 16th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Synopsys by 3,273.6% in the first quarter. BlackRock Inc. now owns 12,796,224 shares of the semiconductor company’s stock valued at $922,991,000 after buying an additional 12,416,921 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Synopsys by 14,458.8% in the second quarter. Janus Henderson Group PLC now owns 3,226,957 shares of the semiconductor company’s stock valued at $235,342,000 after buying an additional 3,204,792 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Synopsys by 21.6% in the first quarter. Vanguard Group Inc. now owns 15,031,207 shares of the semiconductor company’s stock valued at $1,084,201,000 after buying an additional 2,672,954 shares during the last quarter. Swedbank acquired a new position in shares of Synopsys during the first quarter valued at approximately $136,109,000. Finally, State Street Corp raised its position in shares of Synopsys by 19.9% in the first quarter. State Street Corp now owns 7,240,263 shares of the semiconductor company’s stock valued at $522,251,000 after buying an additional 1,201,269 shares during the last quarter. 90.98% of the stock is 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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