Synopsys (NASDAQ:SNPS) Trading 4.2% Higher on Analyst Upgrade

Shares of Synopsys, Inc. (NASDAQ:SNPS - Get Free Report) traded up 4.2% during mid-day trading on Thursday after Robert W. Baird raised their price target on the stock from $640.00 to $645.00. Robert W. Baird currently has an outperform rating on the stock. Synopsys traded as high as $597.94 and last traded at $597.24. 495,205 shares traded hands during trading, a decline of 56% from the average session volume of 1,129,793 shares. The stock had previously closed at $573.13.

SNPS has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their target price on Synopsys from $650.00 to $655.00 and gave the stock an "overweight" rating in a report on Thursday. Needham & Company LLC reaffirmed a "buy" rating and issued a $660.00 target price on shares of Synopsys in a research report on Thursday. Piper Sandler reaffirmed 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. StockNews.com raised Synopsys from a "hold" rating to a "buy" rating in a research report on Monday, March 18th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $615.00 target price on shares of Synopsys in a research report on Thursday. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $616.18.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the firm's stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the transaction, the chief executive officer now directly owns 61,863 shares in the company, valued at $35,726,501.13. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Synopsys news, insider John F. Runkel, Jr. sold 5,319 shares of the firm's stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at $11,587,400. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sassine Ghazi sold 10,294 shares of the firm's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following 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. Over the last 90 days, insiders sold 26,832 shares of company stock valued at $15,464,992. Insiders own 0.66% of the company's stock.

Hedge Funds Weigh In On Synopsys

Institutional investors have recently made changes to their positions in the business. Bay Harbor Wealth Management LLC bought a new position in shares of Synopsys in the first quarter worth about $26,000. University of Texas Texas AM Investment Managment Co. bought a new position in Synopsys during the fourth quarter valued at about $28,000. Jones Financial Companies Lllp increased its stake in Synopsys by 233.3% during the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 42 shares during the period. Activest Wealth Management acquired a new position in Synopsys in the 1st quarter valued at approximately $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Synopsys in the 3rd quarter valued at approximately $29,000. 85.47% of the stock is currently owned by institutional investors.

Synopsys Trading Up 2.3 %

The firm has a fifty day simple moving average of $557.92 and a 200 day simple moving average of $546.27. The stock has a market cap of $89.41 billion, a price-to-earnings ratio of 64.57, a PEG ratio of 3.34 and a beta of 1.07.

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

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.