Synopsys (NASDAQ:SNPS) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Synopsys (NASDAQ:SNPS) in a report published on Friday, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $570.00 price objective on the semiconductor company’s stock.

Several other research firms have also recently weighed in on SNPS. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research report on Tuesday, October 22nd. Mizuho started coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective for the company. Berenberg Bank assumed coverage on Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Piper Sandler lowered their target price on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and a consensus target price of $644.36.

Synopsys Price Performance

SNPS opened at $565.07 on Friday. Synopsys has a 1 year low of $457.52 and a 1 year high of $629.38. The company has a market capitalization of $86.80 billion, a price-to-earnings ratio of 58.62, a P/E/G ratio of 3.40 and a beta of 1.08. The firm’s fifty day moving average price is $520.78 and its two-hundred day moving average price is $545.63.

Institutional Trading of Synopsys

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. EP Wealth Advisors LLC boosted its position in Synopsys by 17.6% during the 1st quarter. EP Wealth Advisors LLC now owns 1,400 shares of the semiconductor company’s stock valued at $800,000 after buying an additional 210 shares during the period. Morse Asset Management Inc raised its stake in shares of Synopsys by 2.3% during the first quarter. Morse Asset Management Inc now owns 2,260 shares of the semiconductor company’s stock valued at $1,292,000 after acquiring an additional 50 shares during the last quarter. London & Capital Asset Management Ltd boosted its holdings in shares of Synopsys by 2.8% during the first quarter. London & Capital Asset Management Ltd now owns 40,293 shares of the semiconductor company’s stock worth $23,027,000 after purchasing an additional 1,094 shares during the period. Steadfast Capital Management LP grew its stake in shares of Synopsys by 17.2% in the first quarter. Steadfast Capital Management LP now owns 112,603 shares of the semiconductor company’s stock worth $64,353,000 after purchasing an additional 16,500 shares during the last quarter. Finally, Ascent Group LLC increased its holdings in Synopsys by 1.7% during the 1st quarter. Ascent Group LLC now owns 1,978 shares of the semiconductor company’s stock valued at $1,130,000 after purchasing an additional 34 shares during the period. 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.