Synopsys (NASDAQ:SNPS) Price Target Lowered to $560.00 at Bank of America

Synopsys (NASDAQ:SNPS - Free Report) had its target price reduced by Bank of America from $630.00 to $560.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the semiconductor company's stock.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC reissued a "buy" rating and set a $650.00 price objective on shares of Synopsys in a research note on Thursday, February 27th. KeyCorp cut their target price on shares of Synopsys from $690.00 to $555.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Rosenblatt Securities restated a "buy" rating and set a $660.00 target price on shares of Synopsys in a research report on Tuesday, February 25th. Redburn Atlantic assumed coverage on Synopsys in a research note on Monday, January 13th. They set a "buy" rating and a $600.00 price target on the stock. Finally, Piper Sandler dropped their target price on Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Synopsys presently has a consensus rating of "Moderate Buy" and an average price target of $618.31.

Synopsys Stock Down 3.1 %

Shares of Synopsys stock traded down $12.74 on Wednesday, hitting $400.58. The company's stock had a trading volume of 343,467 shares, compared to its average volume of 1,088,381. The firm has a fifty day moving average price of $446.35 and a 200-day moving average price of $495.09. Synopsys has a 52-week low of $365.74 and a 52-week high of $624.80. The company has a market capitalization of $61.94 billion, a P/E ratio of 27.59, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23.

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction 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 of the company's stock, valued at $32,890,077.50. The trade was a 13.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Geus Aart De sold 15,705 shares of the company's stock in a transaction dated 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 directly owns 116,671 shares of the company's stock, valued at approximately $51,850,925.82. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNPS. Kieckhefer Group LLC purchased a new stake in Synopsys during the 4th quarter worth approximately $27,000. Ameriflex Group Inc. bought a new stake in shares of Synopsys in the fourth quarter worth $29,000. Whipplewood Advisors LLC acquired a new stake in Synopsys in the fourth quarter valued at $33,000. Pilgrim Partners Asia Pte Ltd bought a new position in Synopsys during the 4th quarter valued at $34,000. Finally, Sierra Ocean LLC acquired a new stake in shares of Synopsys in the 4th quarter valued at about $39,000. Institutional investors and hedge funds own 85.47% of the company's stock.

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.