Synopsys’ (SNPS) Buy Rating Reaffirmed at Needham & Company LLC
Synopsys, Inc. (NASDAQ:SNPS)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday, MarketBeat reports. They presently have a $83.00 price objective on the semiconductor company’s stock, up from their prior price objective of $77.00. Needham & Company LLC’s price target would indicate a potential upside of 7.49% from the company’s current price.
Other equities analysts have also issued research reports about the company. J P Morgan Chase & Co reissued an “average” rating on shares of Synopsys in a research note on Friday, May 26th. BidaskClub lowered Synopsys from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Bank of America Corporation reissued a “buy” rating and set a $87.00 price objective (up previously from $80.00) on shares of Synopsys in a research note on Friday, May 19th. DA Davidson reissued a “buy” rating and set a $85.00 price objective (up previously from $77.00) on shares of Synopsys in a research note on Friday, May 19th. Finally, Zacks Investment Research lowered Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $81.38.
Shares of Synopsys (NASDAQ SNPS) opened at 77.22 on Thursday. Synopsys has a 12-month low of $56.03 and a 12-month high of $79.66. The company has a 50-day moving average of $75.74 and a 200 day moving average of $72.88. The stock has a market capitalization of $11.60 billion, a price-to-earnings ratio of 36.25 and a beta of 1.02.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.92. The company had revenue of $695.40 million for the quarter, compared to analyst estimates of $691.22 million. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 earnings per share. Analysts predict that Synopsys will post $3.31 earnings per share for the current year.
Synopsys declared that its Board of Directors has approved a stock buyback plan on Friday, June 16th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
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Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Synopsys by 3.1% in the second quarter. Vanguard Group Inc. now owns 15,500,829 shares of the semiconductor company’s stock valued at $1,130,474,000 after buying an additional 469,622 shares during the period. BlackRock Inc. raised its position in Synopsys by 3,273.6% in the first quarter. BlackRock Inc. now owns 12,796,224 shares of the semiconductor company’s stock valued at $922,991,000 after buying an additional 12,416,921 shares during the last quarter. State Street Corp raised its position in Synopsys by 19.9% in the first quarter. State Street Corp now owns 7,240,263 shares of the semiconductor company’s stock valued at $522,251,000 after buying an additional 1,201,269 shares during the last quarter. Ameriprise Financial Inc. raised its position in Synopsys by 3.0% in the second quarter. Ameriprise Financial Inc. now owns 4,277,670 shares of the semiconductor company’s stock valued at $311,973,000 after buying an additional 125,190 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in Synopsys by 14,458.8% in the second quarter. Janus Henderson Group PLC now owns 3,226,957 shares of the semiconductor company’s stock valued at $235,342,000 after buying an additional 3,204,792 shares during the last quarter. 90.98% of the stock is currently owned by institutional investors and hedge funds.
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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