Synopsys (NASDAQ:SNPS) Price Target Lowered to $590.00 at Morgan Stanley

Synopsys (NASDAQ:SNPS) had its price objective reduced by equities research analysts at Morgan Stanley from $625.00 to $590.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Morgan Stanley’s price target would indicate a potential upside of 28.84% from the company’s previous close.

Several other research analysts also recently commented on SNPS. Piper Sandler cut their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a report on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Thursday, December 5th. Loop Capital initiated coverage on shares of Synopsys in a report on Monday, November 11th. They set a “buy” rating and a $675.00 price target for the company. Wells Fargo & Company reduced their price objective on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Finally, Redburn Atlantic initiated coverage on shares of Synopsys in a research note on Monday, January 13th. They set a “buy” rating and a $600.00 target price for the company. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $639.58.

Synopsys Stock Performance

Shares of NASDAQ:SNPS opened at $457.95 on Monday. Synopsys has a 52 week low of $457.00 and a 52 week high of $624.80. The firm has a market cap of $70.79 billion, a PE ratio of 31.54, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. The firm’s fifty day moving average is $508.09 and its 200-day moving average is $516.89.

Insider Activity

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the sale, the executive now owns 1,460 shares in the company, valued at $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

Several hedge funds have recently bought and sold shares of SNPS. B. Riley Wealth Advisors Inc. lifted its stake in shares of Synopsys by 44.8% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 1,250 shares of the semiconductor company’s stock valued at $607,000 after buying an additional 387 shares in the last quarter. Armis Advisers LLC acquired a new stake in shares of Synopsys in the 4th quarter worth about $390,000. Great Valley Advisor Group Inc. lifted its position in Synopsys by 8.9% in the 4th quarter. Great Valley Advisor Group Inc. now owns 9,620 shares of the semiconductor company’s stock valued at $4,669,000 after acquiring an additional 783 shares in the last quarter. Cypress Asset Management Inc. TX bought a new position in Synopsys in the 4th quarter valued at about $2,064,000. Finally, Ameriflex Group Inc. acquired a new position in Synopsys during the 4th quarter valued at about $29,000. Institutional investors and hedge funds 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.