Synopsys (NASDAQ:SNPS) Price Target Cut to $540.00 by Analysts at Wells Fargo & Company

Synopsys (NASDAQ:SNPS) had its price target dropped by equities research analysts at Wells Fargo & Company from $570.00 to $540.00 in a report issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 10.12% from the company’s current price.

Several other analysts have also issued reports on SNPS. Piper Sandler dropped their target price on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. Loop Capital assumed coverage on Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. Berenberg Bank assumed coverage on Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective for the company. Rosenblatt Securities restated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research report on Wednesday, December 4th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $641.82.

Synopsys Stock Performance

Synopsys stock opened at $490.36 on Monday. The stock has a market capitalization of $75.80 billion, a P/E ratio of 33.77, a P/E/G ratio of 3.41 and a beta of 1.12. The company’s fifty day moving average price is $522.21 and its 200 day moving average price is $527.43. Synopsys has a 1 year low of $457.52 and a 1 year high of $629.38.

Institutional Trading of Synopsys

Several large investors have recently added to or reduced their stakes in the stock. Davidson Capital Management Inc. boosted its position in shares of Synopsys by 33,828.6% during the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock valued at $2,405,000 after acquiring an additional 4,736 shares during the last quarter. Peloton Wealth Strategists raised its stake in Synopsys by 221.2% during the third quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock worth $1,459,000 after purchasing an additional 1,984 shares during the period. Swiss National Bank boosted its holdings in Synopsys by 0.7% in the 3rd quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock valued at $230,306,000 after purchasing an additional 3,200 shares during the last quarter. Parnassus Investments LLC purchased a new stake in shares of Synopsys in the 3rd quarter valued at approximately $633,469,000. Finally, Harvest Portfolios Group Inc. increased its holdings in shares of Synopsys by 3.7% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock worth $21,330,000 after buying an additional 1,496 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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.