Synopsys (NASDAQ:SNPS) Receives New Coverage from Analysts at Berenberg Bank

Berenberg Bank assumed coverage on shares of Synopsys (NASDAQ:SNPS) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $660.00 target price on the semiconductor company’s stock.

SNPS has been the subject of a number of other research reports. Needham & Company LLC reissued a buy rating and set a $640.00 target price on shares of Synopsys in a research report on Thursday, August 22nd. Rosenblatt Securities reissued a buy rating and set a $635.00 target price on shares of Synopsys in a research note on Friday, August 23rd. KeyCorp upped their price target on shares of Synopsys from $675.00 to $690.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Piper Sandler reissued an overweight rating and issued a $687.00 price objective on shares of Synopsys in a research report on Thursday, August 22nd. Finally, Robert W. Baird upped their target price on Synopsys from $661.00 to $663.00 and gave the company an outperform rating in a research report on Thursday, August 22nd. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of Buy and a consensus target price of $644.00.

Synopsys Stock Performance

SNPS stock opened at $517.56 on Tuesday. The company has a market capitalization of $79.30 billion, a P/E ratio of 56.26, a PEG ratio of 3.64 and a beta of 1.08. The company has a fifty day moving average price of $512.35 and a 200-day moving average price of $549.05. Synopsys has a 52-week low of $448.91 and a 52-week high of $629.38.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company earned $2.17 EPS. Synopsys’s revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Synopsys will post 9.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at $34,655,789.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. ORG Partners LLC lifted its stake in Synopsys by 600.0% during the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 36 shares in the last quarter. Chris Bulman Inc bought a new position in shares of Synopsys during the second quarter valued at about $30,000. Pacifica Partners Inc. purchased a new position in Synopsys during the third quarter worth about $25,000. Fortitude Family Office LLC grew its position in Synopsys by 66.7% in the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 24 shares in the last quarter. Finally, Hobbs Group Advisors LLC purchased a new stake in Synopsys in the 2nd quarter valued at about $40,000. 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.