Morgan Stanley Cuts Synopsys (NASDAQ:SNPS) Price Target to $590.00

Synopsys (NASDAQ:SNPS) had its price target lowered by Morgan Stanley from $625.00 to $590.00 in a report issued on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the semiconductor company’s stock.

Several other research firms have also weighed in on SNPS. Wells Fargo & Company reduced their price target on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Loop Capital began coverage on shares of Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 target price for the company. Piper Sandler decreased their price target on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research note on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Thursday, December 5th. Finally, Redburn Atlantic assumed coverage on Synopsys in a research report on Monday, January 13th. They issued a “buy” rating and a $600.00 target price for the company. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $639.58.

Synopsys Trading Up 2.7 %

SNPS stock opened at $470.46 on Monday. The stock has a market cap of $72.72 billion, a P/E ratio of 32.40, a P/E/G ratio of 3.23 and a beta of 1.12. The stock’s fifty day simple moving average is $507.61 and its two-hundred day simple moving average is $516.56. Synopsys has a 1-year low of $457.00 and a 1-year high of $624.80.

Insider Buying and Selling

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total value of $10,544,236.38. Following 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 document filed with the SEC, which is available through this hyperlink. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Kieckhefer Group LLC purchased a new position in Synopsys during the fourth quarter worth about $27,000. Ameriflex Group Inc. bought a new stake in Synopsys during the fourth quarter worth about $29,000. Whipplewood Advisors LLC bought a new stake in Synopsys during the fourth quarter worth about $33,000. Hazlett Burt & Watson Inc. boosted its holdings in shares of Synopsys by 40.0% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 20 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Synopsys during the 4th quarter valued at about $34,000. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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.