Synopsys, Inc. (SNPS) Rating Reiterated by Pacific Crest
Synopsys, Inc. (NASDAQ:SNPS)‘s stock had its “overweight” rating reaffirmed by Pacific Crest in a report issued on Friday. They currently have a $86.00 price objective on the semiconductor company’s stock, up from their prior price objective of $78.00. Pacific Crest’s price objective suggests a potential upside of 21.14% from the company’s previous close.
A number of other research firms also recently weighed in on SNPS. Needham & Company LLC restated a “buy” rating and issued a $76.00 price objective on shares of Synopsys in a report on Monday, April 17th. Royal Bank of Canada increased their price objective on Synopsys from $66.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, February 16th. Finally, Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $75.78.
Synopsys (NASDAQ:SNPS) opened at 70.99 on Friday. The stock has a 50 day moving average price of $72.85 and a 200 day moving average price of $66.16. Synopsys has a 52-week low of $49.34 and a 52-week high of $75.34. The company has a market capitalization of $10.69 billion, a price-to-earnings ratio of 39.66 and a beta of 0.87.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.02. The business had revenue of $680.07 million during the quarter, compared to the consensus estimate of $672.40 million. Synopsys had a return on equity of 11.51% and a net margin of 11.01%. Synopsys’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. Analysts anticipate that Synopsys will post $3.28 EPS for the current fiscal year.
In other Synopsys news, Director Steven Walske sold 9,074 shares of the stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $71.02, for a total transaction of $644,435.48. Following the completion of the sale, the director now directly owns 17,080 shares in the company, valued at approximately $1,213,021.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Alfred Castino sold 12,000 shares of the stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $70.62, for a total value of $847,440.00. Following the sale, the director now owns 15,982 shares of the company’s stock, valued at $1,128,648.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,973 shares of company stock valued at $4,334,280. Company insiders own 1.62% of the company’s stock.
A number of hedge funds have recently modified their holdings of SNPS. Bank of Nova Scotia bought a new position in Synopsys during the first quarter worth about $2,487,000. Janus Capital Management LLC boosted its position in Synopsys by 20.2% in the first quarter. Janus Capital Management LLC now owns 998,524 shares of the semiconductor company’s stock worth $72,023,000 after buying an additional 168,038 shares during the period. Cypress Wealth Advisors LLC boosted its position in Synopsys by 1.7% in the first quarter. Cypress Wealth Advisors LLC now owns 4,763 shares of the semiconductor company’s stock worth $344,000 after buying an additional 81 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in Synopsys by 101.5% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,216 shares of the semiconductor company’s stock worth $160,000 after buying an additional 1,116 shares during the period. Finally, Oak Associates Ltd. OH boosted its position in Synopsys by 64.9% in the first quarter. Oak Associates Ltd. OH now owns 216,000 shares of the semiconductor company’s stock worth $15,580,000 after buying an additional 85,000 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.
Synopsys Company Profile
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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