Robert W. Baird Cuts Synopsys (NASDAQ:SNPS) Price Target to $630.00

Synopsys (NASDAQ:SNPS) had its price objective trimmed by Robert W. Baird from $644.00 to $630.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the semiconductor company’s stock.

Several other equities research analysts have also recently commented on SNPS. Berenberg Bank started coverage on Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 target price on the stock. Piper Sandler dropped their price objective on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 target price on shares of Synopsys in a research note on Thursday. Wells Fargo & Company initiated coverage on Synopsys in a report on Friday, November 22nd. They set an “equal weight” rating and a $570.00 target price on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $635.00 price target on shares of Synopsys in a report on Wednesday. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $649.00.

Synopsys Trading Up 0.4 %

Synopsys stock opened at $517.28 on Thursday. Synopsys has a 52 week low of $457.52 and a 52 week high of $629.38. The stock has a market cap of $79.46 billion, a price-to-earnings ratio of 35.63, a PEG ratio of 3.59 and a beta of 1.08. The company’s 50-day moving average price is $529.93 and its two-hundred day moving average price is $544.89.

Hedge Funds Weigh In On Synopsys

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Synopsys by 1.7% in the third quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after purchasing an additional 119,057 shares in the last quarter. Geode Capital Management LLC lifted its stake in Synopsys by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company’s stock worth $1,656,005,000 after acquiring an additional 61,799 shares in the last quarter. Edgewood Management LLC boosted its position in Synopsys by 18.9% during the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after acquiring an additional 487,025 shares during the period. Swedbank AB grew its stake in Synopsys by 1.4% during the 2nd quarter. Swedbank AB now owns 1,866,133 shares of the semiconductor company’s stock valued at $1,110,461,000 after acquiring an additional 25,999 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Synopsys by 26.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock valued at $791,923,000 after purchasing an additional 335,993 shares during the period. Institutional investors and hedge funds 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.