Needham & Company LLC Reiterates Buy Rating for Synopsys (NASDAQ:SNPS)

Needham & Company LLC reissued their buy rating on shares of Synopsys (NASDAQ:SNPS) in a report published on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $650.00 target price on the semiconductor company’s stock.

SNPS has been the topic of a number of other reports. Rosenblatt Securities reduced their price target on Synopsys from $660.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday. Bank of America cut their price target on shares of Synopsys from $630.00 to $560.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Piper Sandler dropped their price target on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Morgan Stanley reduced their price target on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research report on Monday, February 24th. Finally, Mizuho dropped their price target on shares of Synopsys from $650.00 to $600.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $609.64.

Synopsys Stock Down 1.6%

Synopsys stock opened at $454.99 on Thursday. The firm has a fifty day simple moving average of $453.40 and a two-hundred day simple moving average of $486.73. Synopsys has a twelve month low of $365.74 and a twelve month high of $624.80. The company has a market capitalization of $70.35 billion, a PE ratio of 31.34, a P/E/G ratio of 3.23 and a beta of 1.16.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.27. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the firm posted $3.00 earnings per share. The business’s revenue was up 10.3% on a year-over-year basis. As a group, equities analysts expect that Synopsys will post 10.64 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the sale, the chief executive officer now owns 70,922 shares of the company’s stock, valued at approximately $32,890,077.50. This trade represents a 13.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Geus Aart De sold 15,705 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the sale, the insider now owns 116,671 shares in the company, valued at approximately $51,850,925.82. This trade represents a 11.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synopsys

A number of institutional investors have recently modified their holdings of SNPS. Brighton Jones LLC lifted its holdings in Synopsys by 5.7% in the fourth quarter. Brighton Jones LLC now owns 921 shares of the semiconductor company’s stock valued at $447,000 after acquiring an additional 50 shares during the last quarter. Flagship Harbor Advisors LLC boosted its stake in shares of Synopsys by 8.0% during the fourth quarter. Flagship Harbor Advisors LLC now owns 649 shares of the semiconductor company’s stock worth $315,000 after buying an additional 48 shares during the period. Union Bancaire Privee UBP SA purchased a new position in Synopsys during the fourth quarter worth about $17,162,000. Hantz Financial Services Inc. raised its holdings in Synopsys by 13.7% during the fourth quarter. Hantz Financial Services Inc. now owns 5,320 shares of the semiconductor company’s stock worth $2,582,000 after purchasing an additional 643 shares in the last quarter. Finally, Cibc World Market Inc. increased its holdings in Synopsys by 99.3% in the fourth quarter. Cibc World Market Inc. now owns 42,767 shares of the semiconductor company’s stock valued at $20,757,000 after buying an additional 21,305 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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.