Synopsys (NASDAQ:SNPS) Price Target Raised to $660.00

Synopsys (NASDAQ:SNPS) had its price target increased by KeyCorp from $610.00 to $660.00 in a report issued on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

A number of other analysts also recently commented on SNPS. Rosenblatt Securities boosted their target price on shares of Synopsys from $625.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Wells Fargo & Company reiterated a “positive” rating on shares of Synopsys in a report on Wednesday, August 27th. Morgan Stanley reiterated an “overweight” rating and issued a $715.00 target price (up from $540.00) on shares of Synopsys in a report on Monday, August 11th. The Goldman Sachs Group assumed coverage on shares of Synopsys in a report on Thursday, July 10th. They issued a “buy” rating and a $620.00 target price on the stock. Finally, Piper Sandler boosted their target price on shares of Synopsys from $615.00 to $660.00 and gave the stock an “overweight” rating in a report on Monday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $638.21.

Synopsys Stock Down 0.6%

NASDAQ SNPS opened at $598.14 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The company’s 50 day simple moving average is $594.11 and its 200 day simple moving average is $506.08. Synopsys has a 12 month low of $365.74 and a 12 month high of $651.73. The company has a market capitalization of $92.81 billion, a P/E ratio of 43.19, a PEG ratio of 3.96 and a beta of 1.14.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $589.01, for a total value of $6,694,687.66. Following the transaction, the chief executive officer owned 71,615 shares in the company, valued at approximately $42,181,951.15. This represents a 13.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the sale, the executive owned 1,485 shares of the company’s stock, valued at approximately $699,746.85. The trade was a 85.85% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Synopsys

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNPS. Norges Bank purchased a new stake in Synopsys in the 2nd quarter worth approximately $647,964,000. GAMMA Investing LLC lifted its position in Synopsys by 54,286.0% in the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company’s stock worth $513,116,000 after buying an additional 1,194,292 shares in the last quarter. Nuveen LLC purchased a new stake in Synopsys in the 1st quarter worth approximately $341,480,000. Pictet Asset Management Holding SA lifted its position in Synopsys by 38.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company’s stock worth $1,043,518,000 after buying an additional 673,837 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Synopsys by 29.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,598,874 shares of the semiconductor company’s stock worth $1,333,095,000 after purchasing an additional 585,494 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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.