Synopsys (NASDAQ:SNPS) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Synopsys (NASDAQ:SNPS) in a research report report published on Tuesday morning, Benzinga reports. They currently have a $640.00 target price on the semiconductor company’s stock.

Other research analysts also recently issued research reports about the stock. Piper Sandler restated an “overweight” rating and set a $687.00 price objective on shares of Synopsys in a report on Thursday, August 22nd. Berenberg Bank started coverage on shares of Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price on the stock. KeyCorp upped their target price on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Mizuho started coverage on shares of Synopsys in a research note on Tuesday. They issued an “outperform” rating and a $650.00 target price on the stock. Finally, Robert W. Baird upped their target price on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $644.55.

Synopsys Price Performance

Synopsys stock opened at $502.41 on Tuesday. The firm has a market cap of $77.18 billion, a price-to-earnings ratio of 52.12, a P/E/G ratio of 3.47 and a beta of 1.08. Synopsys has a fifty-two week low of $448.91 and a fifty-two week high of $629.38. The firm has a fifty day moving average price of $511.19 and a two-hundred day moving average price of $546.60.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data 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 net margin of 24.06% and a return on equity of 22.09%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm posted $2.17 EPS. The business’s revenue was up 12.7% compared to the same quarter last year. As a group, sell-side analysts expect that Synopsys will post 9.45 earnings per share for the current year.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synopsys

Several large investors have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. lifted its holdings in Synopsys by 39.2% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 5,243 shares of the semiconductor company’s stock valued at $2,655,000 after buying an additional 1,477 shares during the period. International Assets Investment Management LLC lifted its holdings in Synopsys by 57,616.1% in the third quarter. International Assets Investment Management LLC now owns 239,522 shares of the semiconductor company’s stock valued at $121,292,000 after buying an additional 239,107 shares during the period. Greenleaf Trust lifted its holdings in Synopsys by 19.2% in the third quarter. Greenleaf Trust now owns 6,343 shares of the semiconductor company’s stock valued at $3,212,000 after buying an additional 1,023 shares during the period. Commerzbank Aktiengesellschaft FI lifted its holdings in Synopsys by 31.1% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,032 shares of the semiconductor company’s stock valued at $523,000 after buying an additional 245 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new stake in Synopsys in the third quarter worth $2,570,000. 85.47% of the stock is currently owned by institutional investors and hedge funds.

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.