Needham & Company LLC reiterated their buy rating on shares of Synopsys, Inc. (NASDAQ:SNPS) in a research report released on Monday. They currently have a $76.00 price target on the semiconductor company’s stock.
Separately, Royal Bank of Canada increased their target price on Synopsys from $66.00 to $77.00 and gave the stock an outperform rating in a research note on Thursday, February 16th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $69.25.
Shares of Synopsys (NASDAQ:SNPS) opened at 72.56 on Monday. The company has a market cap of $10.92 billion, a price-to-earnings ratio of 38.19 and a beta of 0.87. Synopsys has a 1-year low of $46.68 and a 1-year high of $73.08. The stock has a 50 day moving average of $71.42 and a 200 day moving average of $63.98.
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Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, February 15th. The semiconductor company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.16. Synopsys had a return on equity of 11.51% and a net margin of 11.01%. The firm had revenue of $652.80 million for the quarter, compared to analysts’ expectations of $637.73 million. During the same period in the prior year, the firm posted $0.68 earnings per share. Analysts predict that Synopsys will post $3.25 EPS for the current year.
In other Synopsys news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $69.68, for a total value of $696,800.00. Following the transaction, the general counsel now directly owns 20,902 shares of the company’s stock, valued at $1,456,451.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph W. Logan sold 5,000 shares of the firm’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $70.03, for a total value of $350,150.00. Following the completion of the transaction, the executive vice president now directly owns 73,793 shares in the company, valued at $5,167,723.79. The disclosure for this sale can be found here. Insiders sold 119,723 shares of company stock worth $8,464,293 over the last three months. Insiders own 1.62% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in SNPS. Oak Associates Ltd. OH boosted its position in shares of Synopsys by 24.3% in the third quarter. Oak Associates Ltd. OH now owns 108,300 shares of the semiconductor company’s stock valued at $6,423,000 after buying an additional 21,200 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Synopsys during the third quarter valued at about $1,036,000. Cantab Capital Partners LLP boosted its position in shares of Synopsys by 8.1% in the fourth quarter. Cantab Capital Partners LLP now owns 18,155 shares of the semiconductor company’s stock valued at $1,069,000 after buying an additional 1,355 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Synopsys during the fourth quarter valued at about $11,401,000. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Synopsys by 2.0% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 237,708 shares of the semiconductor company’s stock valued at $13,991,000 after buying an additional 4,659 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors and hedge funds.
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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