Brokerages Set Synopsys, Inc. (NASDAQ:SNPS) Price Target at $618.31

Synopsys, Inc. (NASDAQ:SNPS) has received an average rating of “Moderate Buy” from the thirteen research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $618.31.

Several brokerages recently issued reports on SNPS. Mizuho reduced their price objective on shares of Synopsys from $650.00 to $600.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Piper Sandler decreased their price objective on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Wells Fargo & Company lowered their price objective on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. KeyCorp reduced their target price on Synopsys from $690.00 to $555.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Finally, Redburn Atlantic assumed coverage on Synopsys in a report on Monday, January 13th. They issued a “buy” rating and a $600.00 price target for the company.

Insider Activity

In other news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the sale, the chief executive officer now owns 70,922 shares in the company, valued at $32,890,077.50. This trade represents a 13.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Geus Aart De sold 15,705 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the completion of the transaction, the insider now owns 116,671 shares of the company’s stock, valued at $51,850,925.82. This trade represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Synopsys

A number of institutional investors have recently added to or reduced their stakes in SNPS. Norges Bank acquired a new position in shares of Synopsys in the fourth quarter worth about $583,608,000. GAMMA Investing LLC raised its position in shares of Synopsys by 54,286.0% in the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company’s stock valued at $513,116,000 after purchasing an additional 1,194,292 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Synopsys by 21.5% during the 4th 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 during the last quarter. Capital Research Global Investors acquired a new stake in shares of Synopsys during the fourth quarter worth approximately $239,864,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Synopsys in the fourth quarter worth $199,065,000. Institutional investors and hedge funds own 85.47% of the company’s stock.

Synopsys Stock Up 2.7 %

NASDAQ SNPS opened at $413.40 on Friday. Synopsys has a fifty-two week low of $365.74 and a fifty-two week high of $624.80. The business has a fifty day moving average of $441.91 and a 200-day moving average of $493.85. The stock has a market cap of $63.92 billion, a price-to-earnings ratio of 28.47, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23.

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.