Synopsys (NASDAQ:SNPS) Price Target Increased to $645.00 by Analysts at Robert W. Baird

Synopsys (NASDAQ:SNPSFree Report) had its price objective boosted by Robert W. Baird from $640.00 to $645.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the semiconductor company’s stock.

Several other analysts have also recently commented on SNPS. Piper Sandler reissued an overweight rating and issued a $672.00 price target (up from $665.00) on shares of Synopsys in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on Synopsys from $650.00 to $655.00 and gave the stock an overweight rating in a report on Thursday. Needham & Company LLC reaffirmed a buy rating and set a $660.00 price objective on shares of Synopsys in a report on Thursday. StockNews.com raised Synopsys from a hold rating to a buy rating in a report on Monday, March 18th. Finally, Rosenblatt Securities reaffirmed a buy rating and set a $615.00 price objective on shares of Synopsys in a report on Thursday. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of Buy and an average price target of $616.18.

Check Out Our Latest Report on Synopsys

Synopsys Stock Up 0.2 %

NASDAQ:SNPS opened at $587.40 on Thursday. The stock’s 50 day moving average price is $558.67 and its 200 day moving average price is $547.57. The company has a market capitalization of $89.58 billion, a PE ratio of 63.85, a P/E/G ratio of 3.43 and a beta of 1.07. Synopsys has a 52-week low of $409.83 and a 52-week high of $629.38.

Synopsys (NASDAQ:SNPSGet Free Report) last announced 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). Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the business posted $1.76 earnings per share. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Synopsys will post 9.78 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Marc N. Casper purchased 750 shares of the firm’s stock in a transaction on 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 purchase, the director now owns 1,736 shares in the company, valued at approximately $1,016,341.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider John F. Runkel, Jr. sold 5,319 shares of the 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 sale, the insider now owns 20,000 shares in the company, valued at $11,587,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marc N. Casper bought 750 shares of Synopsys stock in a transaction dated Monday, March 25th. The stock was acquired at an average price of $585.45 per share, with a total value of $439,087.50. Following the acquisition, the director now directly owns 1,736 shares of the company’s stock, valued at $1,016,341.20. The disclosure for this purchase can be found here. Corporate insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Synopsys

A number of hedge funds have recently modified their holdings of the stock. Bay Harbor Wealth Management LLC bought a new stake in shares of Synopsys in the first quarter valued at about $26,000. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of Synopsys in the fourth quarter valued at about $28,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Synopsys in the third quarter valued at about $29,000. Jones Financial Companies Lllp lifted its stake in shares of Synopsys by 233.3% in the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 42 shares during the period. Finally, Activest Wealth Management bought a new stake in shares of Synopsys in the first quarter valued at about $35,000. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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