Bank of America Issues Positive Forecast for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS - Free Report) had its price target boosted by Bank of America from $575.00 to $625.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company's stock.

Several other analysts have also recently issued reports on the stock. Rosenblatt Securities reduced their price target on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. The Goldman Sachs Group initiated coverage on shares of Synopsys in a research report on Thursday, July 10th. They set a "buy" rating and a $620.00 price target on the stock. KeyCorp increased their price target on shares of Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and set a $660.00 price target (up previously from $650.00) on shares of Synopsys in a research report on Tuesday. Finally, Piper Sandler reissued an "overweight" rating and set a $615.00 price target (down previously from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $617.67.

Synopsys Trading Down 0.7%

NASDAQ SNPS traded down $4.25 during trading hours on Wednesday, reaching $584.76. The company had a trading volume of 3,682,314 shares, compared to its average volume of 1,268,583. The stock has a 50-day moving average of $508.54 and a 200 day moving average of $482.97. Synopsys has a 1-year low of $365.74 and a 1-year high of $600.90. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $90.73 billion, a P/E ratio of 42.22, a price-to-earnings-growth ratio of 3.90 and a beta of 1.12.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, beating analysts' consensus estimates of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the prior year, the company posted $3.00 earnings per share. Synopsys's revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, research analysts anticipate that Synopsys will post 10.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $457.93, for a total value of $5,204,832.38. Following the transaction, the chief executive officer directly owned 71,589 shares in the company, valued at $32,782,750.77. This represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the transaction, the executive owned 1,485 shares in the company, valued at $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,686 shares of company stock worth $13,001,048 over the last three months. Insiders own 0.62% of the company's stock.

Hedge Funds Weigh In On Synopsys

Several hedge funds have recently added to or reduced their stakes in SNPS. Independence Bank of Kentucky grew its position in shares of Synopsys by 120.0% during the second quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company's stock worth $28,000 after acquiring an additional 30 shares during the last quarter. Ameriflex Group Inc. purchased a new position in shares of Synopsys during the fourth quarter worth approximately $29,000. Cornerstone Planning Group LLC grew its position in shares of Synopsys by 275.0% during the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 44 shares during the last quarter. Saudi Central Bank purchased a new position in shares of Synopsys during the first quarter worth approximately $26,000. Finally, Clal Insurance Enterprises Holdings Ltd grew its position in shares of Synopsys by 441.7% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock worth $28,000 after acquiring an additional 53 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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.