Synopsys (NASDAQ:SNPS) Receives Underperform Rating from Bank of America

Bank of America reiterated their underperform rating on shares of Synopsys (NASDAQ:SNPS) in a research report sent to investors on Wednesday morning, MarketBeat reports. They currently have a $525.00 price target on the semiconductor company’s stock, down from their previous price target of $625.00.

A number of other equities research analysts also recently commented on the company. JPMorgan Chase & Co. reduced their target price on Synopsys from $685.00 to $600.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup cut Synopsys from a “neutral” rating to an “underperform” rating in a research note on Wednesday. Piper Sandler dropped their price objective on Synopsys from $660.00 to $630.00 and set an “overweight” rating for the company in a research note on Wednesday. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $605.00 price objective (down from $650.00) on shares of Synopsys in a research note on Wednesday. Finally, The Goldman Sachs Group began coverage on Synopsys in a research note on Thursday, July 10th. They issued a “buy” rating and a $620.00 price objective for the company. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $599.00.

Synopsys Price Performance

NASDAQ:SNPS opened at $387.78 on Wednesday. Synopsys has a 52 week low of $365.74 and a 52 week high of $651.73. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $60.17 billion, a P/E ratio of 30.44, a P/E/G ratio of 3.97 and a beta of 1.14. The stock’s fifty day moving average is $594.99 and its two-hundred day moving average is $506.99.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the sale, the chief executive officer owned 71,615 shares in the company, valued at $42,181,951.15. This represents a 13.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the company’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the sale, the executive owned 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,031 shares of company stock worth $13,168,999 in the last quarter. 0.62% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. North Star Asset Management Inc. boosted its position in shares of Synopsys by 3.6% during the 1st quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company’s stock worth $25,847,000 after acquiring an additional 2,082 shares in the last quarter. SlateStone Wealth LLC lifted its holdings in shares of Synopsys by 467.8% in the 1st quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company’s stock valued at $4,383,000 after purchasing an additional 8,420 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Synopsys in the 1st quarter valued at about $1,000,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Synopsys by 3.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company’s stock valued at $8,651,000 after purchasing an additional 655 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Synopsys in the 1st quarter valued at about $3,116,000. 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.