Synopsys, Inc. (NASDAQ:SNPS)‘s stock had its “outperform” rating reaffirmed by research analysts at Credit Suisse Group in a research note issued to investors on Thursday.

A number of other analysts have also recently commented on SNPS. Zacks Investment Research cut Synopsys from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $85.00 price target (up previously from $77.00) on shares of Synopsys in a research report on Thursday, May 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 price target (up previously from $77.00) on shares of Synopsys in a research report on Thursday, August 17th. BidaskClub raised Synopsys from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $87.00 price target (up previously from $80.00) on shares of Synopsys in a research report on Friday, May 19th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $83.38.

Shares of Synopsys (NASDAQ SNPS) traded up 0.546% during midday trading on Thursday, reaching $80.035. The company had a trading volume of 436,256 shares. Synopsys has a 1-year low of $56.03 and a 1-year high of $80.04. The firm’s 50 day moving average price is $76.47 and its 200-day moving average price is $73.39. The stock has a market capitalization of $12.03 billion, a price-to-earnings ratio of 37.575 and a beta of 1.02.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.92. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The company had revenue of $695.40 million during the quarter, compared to analysts’ expectations of $691.22 million. During the same quarter in the previous year, the firm posted $0.76 EPS. The firm’s revenue was up 13.0% compared to the same quarter last year. Equities research analysts expect that Synopsys will post $3.31 EPS for the current fiscal year.

Synopsys declared that its Board of Directors has initiated a stock buyback plan on Friday, June 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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In other news, CEO Chi-Foon Chan sold 3,750 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $77.50, for a total value of $290,625.00. Following the completion of the transaction, the chief executive officer now owns 200,429 shares of the company’s stock, valued at approximately $15,533,247.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Joseph W. Logan sold 5,000 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $76.99, for a total value of $384,950.00. Following the completion of the transaction, the executive vice president now directly owns 63,793 shares of the company’s stock, valued at approximately $4,911,423.07. The disclosure for this sale can be found here. Insiders own 1.82% of the company’s stock.

Several institutional investors have recently modified their holdings of SNPS. Mn Services Vermogensbeheer B.V. boosted its position in shares of Synopsys by 4.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,036 shares of the semiconductor company’s stock valued at $272,000 after buying an additional 172 shares during the period. Korea Investment CORP boosted its position in shares of Synopsys by 58.6% in the first quarter. Korea Investment CORP now owns 98,780 shares of the semiconductor company’s stock valued at $7,125,000 after buying an additional 36,480 shares during the period. Strs Ohio boosted its position in shares of Synopsys by 9.7% in the first quarter. Strs Ohio now owns 15,507 shares of the semiconductor company’s stock valued at $1,118,000 after buying an additional 1,369 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Synopsys by 20.2% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 13,158 shares of the semiconductor company’s stock valued at $949,000 after buying an additional 2,214 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Synopsys by 6.7% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 29,084 shares of the semiconductor company’s stock valued at $2,098,000 after buying an additional 1,817 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

About Synopsys

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.

Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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