Synopsys, Inc. (NASDAQ:SNPS) Receives $601.00 Average Price Target from Analysts

Synopsys, Inc. (NASDAQ:SNPS) has received an average recommendation of “Buy” from the ten research firms that are presently covering the firm, Marketbeat reports. Ten investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have covered the stock in the last year is $601.00.

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

Synopsys Trading Up 2.6 %

SNPS stock opened at $536.94 on Friday. The firm has a 50 day moving average of $560.86 and a 200-day moving average of $538.00. The company has a market cap of $81.88 billion, a price-to-earnings ratio of 59.13, a PEG ratio of 3.14 and a beta of 1.07. Synopsys has a 12-month low of $365.46 and a 12-month high of $629.38.

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

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following the transaction, the chief executive officer now owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Synopsys news, insider John F. Runkel, Jr. sold 1,219 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $583.95, for a total value of $711,835.05. Following the completion of the transaction, the insider now owns 26,780 shares in the company, valued at approximately $15,638,181. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the completion of the sale, the chief executive officer now directly owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. Insiders sold a total of 26,832 shares of company stock worth $15,464,992 over the last ninety days. 0.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SNPS. Commonwealth Equity Services LLC raised its position in shares of Synopsys by 5.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 6,387 shares of the semiconductor company’s stock valued at $2,932,000 after purchasing an additional 337 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Synopsys by 61.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 3,881 shares of the semiconductor company’s stock valued at $1,781,000 after acquiring an additional 1,484 shares in the last quarter. Raymond James & Associates boosted its stake in Synopsys by 32.0% during the 3rd quarter. Raymond James & Associates now owns 118,431 shares of the semiconductor company’s stock valued at $54,356,000 after acquiring an additional 28,739 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Synopsys by 105.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 8,100 shares of the semiconductor company’s stock worth $3,718,000 after acquiring an additional 4,154 shares in the last quarter. Finally, Capital Advisors Inc. OK bought a new stake in shares of Synopsys in the 3rd quarter worth about $206,000. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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.