Synopsys (NASDAQ:SNPS) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Synopsys (NASDAQ:SNPS) in a research report sent to investors on Tuesday,Benzinga reports. They currently have a $660.00 price target on the semiconductor company’s stock.

SNPS has been the subject of several other research reports. Wells Fargo & Company dropped their price target on Synopsys from $570.00 to $540.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Robert W. Baird dropped their price objective on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Morgan Stanley reduced their target price on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a report on Monday. Piper Sandler decreased their price target on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Finally, Loop Capital began coverage on shares of Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $639.58.

Synopsys Price Performance

SNPS stock opened at $457.95 on Tuesday. The company’s 50 day simple moving average is $508.09 and its 200-day simple moving average is $516.89. Synopsys has a 12 month low of $457.00 and a 12 month high of $624.80. The firm has a market capitalization of $70.79 billion, a PE ratio of 31.54, a P/E/G ratio of 3.23 and a beta of 1.12.

Insiders Place Their Bets

In other news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the sale, the executive now directly owns 1,460 shares in the company, valued at $738,774.60. This represents a 93.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synopsys

Institutional investors have recently added to or reduced their stakes in the company. Parnassus Investments LLC acquired a new position in shares of Synopsys in the 3rd quarter valued at about $633,469,000. Norges Bank purchased a new position in Synopsys in the fourth quarter valued at approximately $583,608,000. Price T Rowe Associates Inc. MD lifted its position in Synopsys by 21.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock valued at $2,864,933,000 after buying an additional 1,045,326 shares in the last quarter. Capital Research Global Investors purchased a new stake in Synopsys during the fourth quarter worth approximately $239,864,000. Finally, Edgewood Management LLC increased its position in shares of Synopsys by 18.9% in the third 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 in the last quarter. Hedge funds and other 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.