Synopsys (NASDAQ:SNPS) Price Target Increased to $645.00 by Analysts at Robert W. Baird

Synopsys (NASDAQ:SNPS - Free Report) had its price target raised by Robert W. Baird from $640.00 to $645.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the semiconductor company's stock.

Several other analysts also recently issued reports on SNPS. StockNews.com raised Synopsys from a hold rating to a buy rating in a research note on Monday, March 18th. Piper Sandler reissued an overweight rating and issued a $672.00 target price (up previously from $665.00) on shares of Synopsys in a research report on Thursday. Rosenblatt Securities reiterated a buy rating and issued a $615.00 price objective on shares of Synopsys in a report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Synopsys from $650.00 to $655.00 and gave the stock an overweight rating in a report on Thursday. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $660.00 target price on shares of Synopsys in a research report on Thursday. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $616.18.

Synopsys Trading Up 2.3 %

Shares of NASDAQ:SNPS traded up $13.17 during trading on Thursday, hitting $586.30. 1,734,666 shares of the company's stock traded hands, compared to its average volume of 1,143,487. The company has a 50-day moving average price of $557.38 and a 200-day moving average price of $545.99. Synopsys has a 52 week low of $390.20 and a 52 week high of $629.38. The company has a market cap of $89.41 billion, a price-to-earnings ratio of 65.69, a price-to-earnings-growth ratio of 3.34 and a beta of 1.07.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing analysts' consensus estimates of $3.03 by ($0.03). Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the firm posted $1.76 EPS. The business's quarterly revenue was up 15.2% compared to the same quarter last year. On average, analysts predict that Synopsys will post 9.78 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John F. Runkel, Jr. sold 1,219 shares of Synopsys stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $583.95, for a total transaction of $711,835.05. Following the completion of the transaction, the insider now owns 26,780 shares in the company, valued at $15,638,181. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 1,219 shares of Synopsys stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $583.95, for a total transaction of $711,835.05. Following the completion of the transaction, the insider now directly owns 26,780 shares of the company's stock, valued at $15,638,181. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the company's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the completion of the transaction, the chief executive officer now owns 61,863 shares in the company, valued at $35,726,501.13. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,832 shares of company stock valued at $15,464,992. 0.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Synopsys

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Synopsys by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company's stock valued at $7,903,478,000 after purchasing an additional 278,265 shares during the period. Capital World Investors lifted its holdings in shares of Synopsys by 12.5% during the first quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company's stock worth $4,211,892,000 after buying an additional 818,485 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Synopsys by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company's stock valued at $3,050,441,000 after acquiring an additional 1,514,449 shares during the period. FMR LLC grew its stake in shares of Synopsys by 8.9% in the third quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company's stock valued at $1,850,594,000 after acquiring an additional 330,206 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Synopsys by 6.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company's stock worth $1,321,019,000 after acquiring an additional 153,053 shares during the period. Institutional investors own 85.47% of the company's stock.

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.