Synopsys (NASDAQ:SNPS) Given New $625.00 Price Target at Rosenblatt Securities

Synopsys (NASDAQ:SNPS) had its price objective lowered by equities research analysts at Rosenblatt Securities from $660.00 to $625.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 35.85% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. Bank of America dropped their target price on shares of Synopsys from $630.00 to $560.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Piper Sandler dropped their price objective on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. KeyCorp set a $575.00 target price on Synopsys and gave the stock an “overweight” rating in a report on Tuesday, May 20th. Morgan Stanley decreased their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research report on Monday, February 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $609.64.

Synopsys Trading Up 1.1%

NASDAQ:SNPS opened at $460.08 on Thursday. The stock has a 50-day moving average price of $453.46 and a 200 day moving average price of $486.08. The stock has a market capitalization of $71.14 billion, a P/E ratio of 31.69, a P/E/G ratio of 3.23 and a beta of 1.16. Synopsys has a 12-month low of $365.74 and a 12-month high of $624.80.

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

Insider Buying and Selling at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of the business’s 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 transaction, the chief executive officer now owns 70,922 shares of the company’s stock, valued at approximately $32,890,077.50. The trade was a 13.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Geus Aart De sold 15,705 shares of the stock in a transaction 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 $51,850,925.82. The trade was a 11.86% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Synopsys

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Synopsys during the 4th quarter valued at about $583,608,000. GAMMA Investing LLC boosted its position in shares of Synopsys by 54,286.0% during the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company’s stock valued at $513,116,000 after buying an additional 1,194,292 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Synopsys by 21.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock valued at $2,864,933,000 after buying an additional 1,045,326 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Synopsys in the first quarter worth approximately $341,480,000. Finally, Pictet Asset Management Holding SA lifted its stake in shares of Synopsys by 38.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company’s stock worth $1,043,518,000 after acquiring an additional 673,837 shares during the last quarter. Hedge funds and other 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.