Synopsys (NASDAQ:SNPS) Sets New 52-Week Low on Analyst Downgrade

Synopsys, Inc. (NASDAQ:SNPS) hit a new 52-week low during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $625.00 to $590.00. Morgan Stanley currently has an overweight rating on the stock. Synopsys traded as low as $457.00 and last traded at $462.45, with a volume of 229953 shares trading hands. The stock had previously closed at $470.08.

Several other research analysts have also recently weighed in on SNPS. Piper Sandler lowered their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a report on Friday, December 6th. Loop Capital began coverage on Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 target price for the company. Wells Fargo & Company lowered their price target on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Robert W. Baird cut their target price on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Finally, Redburn Atlantic initiated coverage on shares of Synopsys in a research note on Monday, January 13th. They set a “buy” rating and a $600.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Synopsys presently has an average rating of “Moderate Buy” and a consensus price target of $639.58.

Insider Activity at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the completion of the sale, the executive now directly owns 1,460 shares of the company’s stock, valued at $738,774.60. This represents a 93.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Synopsys

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Synopsys by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company’s stock worth $7,029,360,000 after purchasing an additional 120,575 shares in the last quarter. Capital World Investors grew its position in Synopsys by 1.6% during the fourth quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company’s stock worth $3,533,526,000 after buying an additional 114,893 shares during the period. State Street Corp lifted its position in shares of Synopsys by 1.7% during the 3rd quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after acquiring an additional 119,057 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Synopsys by 21.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock worth $2,864,933,000 after purchasing an additional 1,045,326 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Synopsys by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company’s stock worth $1,625,230,000 after purchasing an additional 75,298 shares in the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Stock Down 1.6 %

The firm has a market capitalization of $71.47 billion, a PE ratio of 31.82, a P/E/G ratio of 3.23 and a beta of 1.12. The business’s fifty day moving average price is $509.17 and its 200 day moving average price is $517.36.

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.