Mizuho Cuts Synopsys (NASDAQ:SNPS) Price Target to $600.00

Key Points

• Mizuho recently lowered its price target for Synopsys (NASDAQ:SNPS) from $700.00 to $600.00, maintaining an "outperform" rating, which indicates a potential upside of 38.44% from the current price.
• Multiple analysts have adjusted their ratings on Synopsys, with Bank of America setting a target of $525.00 and some downgrading from "strong-buy" to "hold" or "underperform," illustrating a cautious outlook.
• Synopsys shares have experienced significant trading activity, with the stock price rising by 11.8% recently. The current stock price is around $433.39, while it has a market capitalization of $67.24 billion.

Synopsys (NASDAQ:SNPS - Get Free Report) had its target price lowered by investment analysts at Mizuho from $700.00 to $600.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the semiconductor company's stock. Mizuho's price target suggests a potential upside of 38.44% from the stock's current price.

Several other equities research analysts also recently weighed in on SNPS. Bank of America reiterated an "underperform" rating and set a $525.00 target price (down previously from $625.00) on shares of Synopsys in a research note on Wednesday. Baird R W downgraded shares of Synopsys from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Wells Fargo & Company reduced their price target on shares of Synopsys from $630.00 to $550.00 and set an "equal weight" rating for the company in a research note on Wednesday. Stifel Nicolaus reduced their price target on shares of Synopsys from $650.00 to $550.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Citigroup lowered shares of Synopsys from a "neutral" rating to an "underperform" rating in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $585.33.

Synopsys Stock Up 11.8%

NASDAQ:SNPS traded up $45.61 during trading hours on Thursday, hitting $433.39. The company's stock had a trading volume of 11,487,119 shares, compared to its average volume of 1,578,963. Synopsys has a 52-week low of $365.74 and a 52-week high of $651.73. The stock has a market capitalization of $67.24 billion, a P/E ratio of 34.02, a price-to-earnings-growth ratio of 3.97 and a beta of 1.14. The stock has a fifty day moving average of $594.99 and a 200-day moving average of $506.99. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the completion of the sale, the chief executive officer directly owned 71,615 shares of the company's stock, valued at $42,181,951.15. The trade was a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the company's 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 sale, the executive directly owned 1,485 shares of the company's stock, valued at $699,746.85. The trade was a 85.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,031 shares of company stock valued at $13,168,999 over the last ninety days. Insiders own 0.62% of the company's stock.

Institutional Trading of Synopsys

A number of hedge funds have recently modified their holdings of SNPS. Centaurus Financial Inc. raised its stake in Synopsys by 22.5% in the 2nd quarter. Centaurus Financial Inc. now owns 1,334 shares of the semiconductor company's stock worth $684,000 after purchasing an additional 245 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in Synopsys by 1.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 25,706 shares of the semiconductor company's stock worth $13,179,000 after buying an additional 307 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Synopsys by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 6,933 shares of the semiconductor company's stock worth $3,549,000 after buying an additional 90 shares during the period. MASTERINVEST Kapitalanlage GmbH acquired a new position in Synopsys during the 2nd quarter worth about $2,477,000. Finally, Stance Capital LLC acquired a new position in Synopsys during the 2nd quarter worth about $1,393,000. 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.

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