Synopsys (NASDAQ:SNPS) Given New $630.00 Price Target at Piper Sandler

Synopsys (NASDAQ:SNPS) had its price objective trimmed by Piper Sandler from $660.00 to $630.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the semiconductor company’s stock.

A number of other equities research analysts have also commented on SNPS. Bank of America raised their price target on Synopsys from $575.00 to $625.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. KeyCorp raised their price target on Synopsys from $610.00 to $660.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 3rd. Morgan Stanley reaffirmed an “overweight” rating and set a $715.00 price target (up previously from $540.00) on shares of Synopsys in a research report on Monday, August 11th. Robert W. Baird reaffirmed a “neutral” rating and set a $535.00 price target (down previously from $670.00) on shares of Synopsys in a research report on Wednesday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $605.00 price target (down previously from $650.00) on shares of Synopsys in a research report on Wednesday. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Synopsys currently has an average rating of “Moderate Buy” and an average target price of $599.00.

Synopsys Trading Down 35.8%

NASDAQ SNPS opened at $387.78 on Wednesday. The stock has a 50-day simple moving average of $594.99 and a 200 day simple moving average of $506.99. The company has a market capitalization of $60.17 billion, a PE ratio of 30.44, a P/E/G ratio of 3.97 and a beta of 1.14. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. Synopsys has a 12 month low of $365.74 and a 12 month high of $651.73.

Insider Transactions at Synopsys

In other news, 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 transaction of $4,245,602.10. Following the completion of the transaction, the executive directly owned 1,485 shares of the company’s stock, valued at $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Shelagh Glaser sold 3,655 shares of the company’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $609.77, for a total value of $2,228,709.35. Following the transaction, the chief financial officer directly owned 15,317 shares of the company’s stock, valued at $9,339,847.09. This represents a 19.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,031 shares of company stock valued at $13,168,999 over the last three months. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Centaurus Financial Inc. boosted its position in Synopsys by 22.5% during the second quarter. Centaurus Financial Inc. now owns 1,334 shares of the semiconductor company’s stock valued at $684,000 after purchasing an additional 245 shares during the last quarter. Orion Porfolio Solutions LLC boosted its position in Synopsys by 1.2% during the second quarter. Orion Porfolio Solutions LLC now owns 25,706 shares of the semiconductor company’s stock valued at $13,179,000 after purchasing an additional 307 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Synopsys by 1.3% during the second quarter. Thrivent Financial for Lutherans now owns 6,933 shares of the semiconductor company’s stock valued at $3,549,000 after purchasing an additional 90 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new position in Synopsys during the second quarter valued at approximately $2,477,000. Finally, Stance Capital LLC acquired a new position in Synopsys during the second quarter valued at approximately $1,393,000. 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.