Synopsys (NASDAQ:SNPS) Earns Buy Rating from Needham & Company LLC

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They presently have a $660.00 price target on the semiconductor company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 15.16% from the stock’s current price.

SNPS has been the topic of a number of other research reports. Robert W. Baird increased their target price on Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a report on Thursday, February 22nd. StockNews.com upgraded Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Piper Sandler assumed coverage on shares of Synopsys in a research note on Thursday, April 4th. They set an “overweight” rating and a $665.00 price target on the stock. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $615.00 price target on shares of Synopsys in a report on Thursday. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Synopsys presently has an average rating of “Buy” and a consensus target price of $601.64.

Synopsys Stock Up 0.3 %

Shares of NASDAQ:SNPS opened at $573.13 on Thursday. The company has a market cap of $87.40 billion, a price-to-earnings ratio of 63.12, a PEG ratio of 3.34 and a beta of 1.07. The firm’s 50-day simple moving average is $557.38 and its 200-day simple moving average is $545.99. Synopsys has a fifty-two week low of $390.20 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The firm’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.76 EPS. On average, research analysts forecast that Synopsys will post 9.78 EPS for the current year.

Insider Activity

In related news, Director Roy Vallee sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $11,453,200. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Roy Vallee sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $11,453,200. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John F. Runkel, Jr. sold 5,319 shares of the company’s 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 transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,587,400. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,832 shares of company stock valued at $15,464,992. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Synopsys

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atria Investments Inc boosted its position in Synopsys by 8.9% in the 1st quarter. Atria Investments Inc now owns 12,918 shares of the semiconductor company’s stock valued at $7,383,000 after buying an additional 1,055 shares during the last quarter. Swedbank AB bought a new position in shares of Synopsys during the first quarter worth about $1,051,637,000. LRI Investments LLC bought a new position in shares of Synopsys during the first quarter worth about $286,000. Algebris UK Ltd lifted its position in shares of Synopsys by 24.5% during the first quarter. Algebris UK Ltd now owns 1,274 shares of the semiconductor company’s stock worth $675,000 after purchasing an additional 251 shares during the last quarter. Finally, Wahed Invest LLC lifted its position in shares of Synopsys by 16.2% during the first quarter. Wahed Invest LLC now owns 3,011 shares of the semiconductor company’s stock worth $1,721,000 after purchasing an additional 419 shares during the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

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.