Synopsys, Inc. (NASDAQ:SNPS) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Synopsys, Inc. (NASDAQ:SNPS) have earned a consensus rating of “Buy” from the ten ratings firms that are currently covering the firm, MarketBeat reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $624.36.

A number of research firms recently weighed in on SNPS. Rosenblatt Securities restated a “buy” rating and issued a $615.00 target price on shares of Synopsys in a report on Thursday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $672.00 target price (up previously from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. KeyCorp increased their price target on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research 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, May 23rd. Finally, StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th.

Synopsys Stock Performance

SNPS stock opened at $595.06 on Friday. The stock’s 50 day simple moving average is $569.90 and its 200 day simple moving average is $556.47. The company has a market cap of $91.18 billion, a P/E ratio of 64.68, a price-to-earnings-growth ratio of 3.84 and a beta of 1.08. Synopsys has a fifty-two week low of $418.51 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company earned $1.76 earnings per share. Synopsys’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts predict that Synopsys will post 9.66 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider John F. Runkel, Jr. sold 936 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the completion of the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at approximately $11,339,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider John F. Runkel, Jr. sold 5,319 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John F. Runkel, Jr. sold 936 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the sale, the insider now directly owns 20,000 shares in the company, valued at $11,339,400. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,658 shares of company stock valued at $20,970,824. Company insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

Several hedge funds and other institutional investors have recently modified their holdings of the business. LPL Financial LLC boosted its holdings in shares of Synopsys by 16.0% in the third quarter. LPL Financial LLC now owns 56,608 shares of the semiconductor company’s stock worth $25,981,000 after acquiring an additional 7,826 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings in Synopsys by 0.8% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 8,813 shares of the semiconductor company’s stock valued at $4,045,000 after buying an additional 70 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Synopsys by 7.5% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,580 shares of the semiconductor company’s stock valued at $5,774,000 after buying an additional 878 shares during the period. Pinnbrook Capital Management LP increased its position in shares of Synopsys by 55.4% during the third quarter. Pinnbrook Capital Management LP now owns 16,427 shares of the semiconductor company’s stock valued at $7,540,000 after buying an additional 5,857 shares during the period. Finally, Allstate Corp purchased a new stake in shares of Synopsys in the third quarter worth about $205,000. Institutional investors own 85.47% of the company’s stock.

Synopsys Company Profile

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.