Synopsys (NASDAQ:SNPS) Rating Reiterated by Piper Sandler

Synopsys (NASDAQ:SNPS)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Sandler in a research report issued on Thursday, Benzinga reports. They presently have a $672.00 price objective on the semiconductor company’s stock, up from their previous price objective of $665.00. Piper Sandler’s price objective suggests a potential upside of 17.25% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $615.00 target price on shares of Synopsys in a research note on Thursday. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $660.00 price objective on shares of Synopsys in a research note on Thursday. Finally, Robert W. Baird upped their price objective on shares of Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys presently has an average rating of “Buy” and a consensus target price of $601.64.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $573.13 on Thursday. The stock has a fifty day moving average price of $557.38 and a 200 day moving average price of $545.99. Synopsys has a 1-year low of $390.20 and a 1-year high of $629.38. The company has a market cap of $87.40 billion, a PE ratio of 63.12, a P/E/G ratio of 3.34 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the business posted $1.76 EPS. Synopsys’s revenue was up 15.2% compared to the same quarter last year. Analysts anticipate that Synopsys will post 9.78 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Synopsys

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Synopsys by 2.1% during the first quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock valued at $7,903,478,000 after purchasing an additional 278,265 shares during the period. Capital World Investors increased its holdings in shares of Synopsys by 12.5% during the first quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock valued at $4,211,892,000 after purchasing an additional 818,485 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Synopsys by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock valued at $3,050,441,000 after purchasing an additional 1,514,449 shares during the period. FMR LLC boosted its stake in Synopsys by 8.9% during the third quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company’s stock valued at $1,850,594,000 after buying an additional 330,206 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Synopsys by 6.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock valued at $1,321,019,000 after buying an additional 153,053 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

About Synopsys

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.