Synopsys (NASDAQ:SNPS) Receives Buy Rating from Needham & Company LLC

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $650.00 target price on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 40.56% from the stock’s current price.

SNPS has been the topic of several other reports. Bank of America reduced their target price on Synopsys from $630.00 to $560.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Wells Fargo & Company reduced their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Piper Sandler reduced their target price on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Morgan Stanley reduced their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a report on Monday, February 24th. Finally, Stifel Nicolaus set a $550.00 target price on Synopsys in a report on Monday, April 28th. One equities 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $612.36.

Synopsys Trading Down 9.6%

NASDAQ:SNPS opened at $462.43 on Thursday. The stock has a market cap of $71.50 billion, a P/E ratio of 31.85, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16. The stock’s 50-day moving average is $453.45 and its 200-day moving average is $487.42. Synopsys has a 1-year low of $365.74 and a 1-year high of $624.80.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.27. Synopsys had a return on equity of 20.48% and a net margin of 36.12%. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the previous year, the business posted $3.00 earnings per share. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities analysts forecast that Synopsys will post 10.64 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Synopsys

Institutional investors have recently modified their holdings of the company. Ameriflex Group Inc. acquired a new position in shares of Synopsys during the fourth quarter worth approximately $29,000. Cornerstone Planning Group LLC raised its position in Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 44 shares during the last quarter. Saudi Central Bank purchased a new stake in Synopsys in the 1st quarter valued at $26,000. Clal Insurance Enterprises Holdings Ltd raised its position in Synopsys by 441.7% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 53 shares during the last quarter. Finally, Whipplewood Advisors LLC purchased a new stake in Synopsys in the 4th quarter valued at $33,000. 85.47% of the stock is owned by institutional investors and hedge funds.

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.