KeyCorp Cuts Synopsys (NASDAQ:SNPS) Price Target to $590.00

Key Points

• KeyCorp has lowered its price target for Synopsys from $660.00 to $590.00 while maintaining an "overweight" rating, reflecting a potential upside of 43.04% from the stock's previous close.
• Alongside KeyCorp, other firms like Piper Sandler and Rosenblatt Securities have also adjusted their price targets, with notable variations in ratings across the board.
• Insider activity includes the Chief Financial Officer selling a significant portion of shares, indicating a 19.27% decrease in their ownership in the company.

Synopsys (NASDAQ:SNPS - Get Free Report) had its price objective cut by KeyCorp from $660.00 to $590.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the semiconductor company's stock. KeyCorp's target price indicates a potential upside of 43.04% from the stock's previous close.

A number of other research firms also recently commented on SNPS. Piper Sandler reduced their price objective on shares of Synopsys from $660.00 to $630.00 and set an "overweight" rating on the stock in a research note on Wednesday. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $605.00 price objective (down previously from $650.00) on shares of Synopsys in a report on Wednesday. Citigroup cut shares of Synopsys from a "neutral" rating to an "underperform" rating in a research note on Wednesday. Morgan Stanley reaffirmed an "overweight" rating and issued a $715.00 price objective (up previously from $540.00) on shares of Synopsys in a research note on Monday, August 11th. Finally, Needham & Company LLC decreased their target price on shares of Synopsys from $660.00 to $550.00 and set a "buy" rating for the company in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $600.33.

Synopsys Price Performance

Synopsys stock opened at $412.49 on Wednesday. Synopsys has a 1 year low of $365.74 and a 1 year high of $651.73. The firm has a 50 day moving average price of $597.69 and a 200 day moving average price of $507.82. The company has a market cap of $64.00 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 4.00 and a beta of 1.14. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02.

Insiders Place Their Bets

In other Synopsys news, CFO Shelagh Glaser sold 3,655 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $609.77, for a total transaction of $2,228,709.35. Following the sale, the chief financial officer owned 15,317 shares of the company's stock, valued at $9,339,847.09. This represents a 19.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Richard S. Mahoney sold 9,010 shares of the firm's stock in a transaction dated 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 directly owned 1,485 shares in the company, valued at $699,746.85. This trade represents a 85.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,031 shares of company stock valued at $13,168,999 in the last 90 days. 0.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently made changes to their positions in SNPS. Cornerstone Planning Group LLC grew its stake in shares of Synopsys by 275.0% in the first 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 in the last quarter. Saudi Central Bank bought a new stake in shares of Synopsys in the first quarter valued at about $26,000. Clal Insurance Enterprises Holdings Ltd boosted its position in shares of Synopsys by 441.7% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 53 shares during the period. Independence Bank of Kentucky raised its stake in Synopsys by 120.0% in the second quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 30 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new position in Synopsys in the fourth quarter valued at about $29,000. 85.47% of the stock is owned by 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.

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