Synopsys (NASDAQ:SNPS) Price Target Cut to $670.00 by Analysts at Piper Sandler

Synopsys (NASDAQ:SNPS) had its target price trimmed by Piper Sandler from $687.00 to $670.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on SNPS. Needham & Company LLC restated a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research note on Tuesday, October 22nd. KeyCorp boosted their price objective on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Berenberg Bank assumed coverage on Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price target on the stock. Finally, Robert W. Baird lifted their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys has a consensus rating of “Buy” and an average target price of $643.00.

Synopsys Price Performance

SNPS opened at $501.58 on Thursday. Synopsys has a one year low of $448.91 and a one year high of $629.38. The business has a 50 day simple moving average of $508.43 and a two-hundred day simple moving average of $545.08. The firm has a market capitalization of $76.85 billion, a price-to-earnings ratio of 54.52, a PEG ratio of 3.44 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.17 earnings per share. As a group, sell-side analysts expect that Synopsys will post 9.45 EPS for the current fiscal year.

Insider Activity

In other news, CEO Sassine Ghazi sold 10,293 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. ORG Partners LLC boosted its holdings in shares of Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock worth $25,000 after buying an additional 36 shares during the last quarter. Pacifica Partners Inc. bought a new stake in shares of Synopsys during the 3rd quarter valued at $25,000. Tsfg LLC lifted its stake in shares of Synopsys by 75.0% during the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 24 shares in the last quarter. Chris Bulman Inc bought a new position in Synopsys in the 2nd quarter worth $30,000. Finally, Fortitude Family Office LLC increased its stake in Synopsys by 66.7% in the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after buying an additional 24 shares in the last quarter. Institutional investors own 85.47% of the company’s stock.

About Synopsys

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.