Synopsys, Inc. (NASDAQ:SNPS) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Synopsys, Inc. (NASDAQ:SNPS) have been given an average rating of “Buy” by the ten research firms that are currently covering the company, MarketBeat reports. Ten analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $601.00.

Several research analysts recently issued reports on the stock. Robert W. Baird increased their price target on shares of Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a research report on Friday, March 22nd. Rosenblatt Securities restated a “buy” rating and set a $615.00 target price on shares of Synopsys in a research report on Thursday, March 21st. Piper Sandler started coverage on shares of Synopsys in a report on Thursday, April 4th. They issued an “overweight” rating and a $665.00 price target for the company. Finally, StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th.

Insider Activity at Synopsys

In other news, insider John F. Runkel, Jr. sold 5,319 shares of the business’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,587,400. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the completion of the sale, the insider now directly owns 20,000 shares in the company, valued at $11,587,400. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Marc N. Casper acquired 750 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was purchased at an average cost of $585.45 per share, with a total value of $439,087.50. Following the transaction, the director now owns 1,736 shares of the company’s stock, valued at $1,016,341.20. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 26,832 shares of company stock valued at $15,464,992. 0.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Synopsys

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Synopsys during the 4th quarter worth about $1,272,143,000. Global Assets Advisory LLC acquired a new position in shares of Synopsys in the 1st quarter valued at $282,876,000. Ameriprise Financial Inc. grew its stake in shares of Synopsys by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company’s stock valued at $925,744,000 after buying an additional 344,430 shares during the period. FMR LLC increased its holdings in shares of Synopsys by 8.9% during the 3rd quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company’s stock worth $1,850,594,000 after buying an additional 330,206 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Synopsys by 228.8% in the third quarter. Wellington Management Group LLP now owns 386,773 shares of the semiconductor company’s stock valued at $177,517,000 after acquiring an additional 269,130 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Trading Up 0.7 %

SNPS stock opened at $549.61 on Friday. The company has a market capitalization of $83.82 billion, a P/E ratio of 60.53, a PEG ratio of 3.14 and a beta of 1.07. Synopsys has a twelve month low of $365.46 and a twelve month high of $629.38. The business has a 50 day simple moving average of $559.77 and a 200-day simple moving average of $539.03.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.43 by $0.13. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the business earned $1.75 EPS. The firm’s revenue was up 21.1% compared to the same quarter last year. Research analysts predict that Synopsys will post 9.78 EPS for the current fiscal year.

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.