Synopsys (NASDAQ:SNPS) Price Target Raised to $661.00 at Robert W. Baird

Synopsys (NASDAQ:SNPS) had its target price raised by Robert W. Baird from $645.00 to $661.00 in a research report released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

SNPS has been the subject of several other reports. Needham & Company LLC reiterated a buy rating and issued a $660.00 price objective on shares of Synopsys in a research report on Thursday, May 23rd. Piper Sandler reiterated an overweight rating and set a $672.00 price objective (up previously from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. Rosenblatt Securities reiterated a buy rating and set a $615.00 price objective on shares of Synopsys in a research report on Thursday, May 23rd. StockNews.com upgraded Synopsys from a hold rating to a buy rating in a research report on Monday, March 18th. Finally, KeyCorp increased their price objective on Synopsys from $675.00 to $690.00 and gave the stock an overweight rating in a research report on Thursday, June 27th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of Buy and an average target price of $625.82.

Synopsys Trading Up 1.3 %

Shares of NASDAQ:SNPS opened at $609.66 on Tuesday. The stock has a market capitalization of $93.41 billion, a P/E ratio of 66.27, a P/E/G ratio of 3.84 and a beta of 1.07. Synopsys has a 1-year low of $418.51 and a 1-year high of $629.38. The business has a 50-day moving average price of $571.62 and a two-hundred day moving average price of $556.66.

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

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $582.41, for a total value of $5,995,328.54. Following the transaction, the chief executive officer now owns 62,568 shares in the company, valued at $36,440,228.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.41, for a total value of $5,995,328.54. Following the sale, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $36,440,228.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Geus Aart De sold 5,893 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $602.00, for a total value of $3,547,586.00. Following the completion of the sale, the insider now directly owns 106,983 shares in the company, valued at $64,403,766. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,232 shares of company stock worth $21,436,741. Company insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Synopsys by 2.1% during the first quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock valued at $7,903,478,000 after purchasing an additional 278,265 shares in the last quarter. Capital World Investors grew its stake in shares of Synopsys by 12.5% in the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock valued at $4,211,892,000 after buying an additional 818,485 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Synopsys by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after acquiring an additional 1,514,449 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Synopsys by 6.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock worth $1,321,019,000 after purchasing an additional 153,053 shares during the period. Finally, Norges Bank acquired a new stake in Synopsys in the 4th quarter valued at $1,272,143,000. 85.47% of the stock is owned by institutional investors and hedge funds.

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.