Synopsys (NASDAQ:SNPS) Receives Overweight Rating from Piper Sandler

Synopsys (NASDAQ:SNPS - Get Free Report)'s stock had its "overweight" rating restated by investment analysts at Piper Sandler in a note issued to investors on Thursday, Benzinga reports. They presently have a $672.00 target price on the semiconductor company's stock, up from their prior target price of $665.00. Piper Sandler's price target indicates a potential upside of 14.62% from the company's current price.

Other equities analysts have also issued reports about the company. StockNews.com upgraded Synopsys from a "hold" rating to a "buy" rating in a research report on Monday, March 18th. Needham & Company LLC reiterated a "buy" rating and issued a $660.00 target price 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. Finally, Robert W. Baird increased their target price on Synopsys from $624.00 to $640.00 and gave the company an "outperform" rating in a report on Thursday, February 22nd. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $616.18.

Synopsys Price Performance

Shares of NASDAQ SNPS traded up $13.17 during trading on Thursday, reaching $586.30. 1,734,666 shares of the stock traded hands, compared to its average volume of 1,143,487. The stock has a market capitalization of $89.41 billion, a P/E ratio of 64.57, a price-to-earnings-growth ratio of 3.34 and a beta of 1.07. Synopsys has a 52-week low of $390.20 and a 52-week high of $629.38. The company has a 50-day moving average of $557.92 and a 200-day moving average of $546.27.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS 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 business had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the previous year, the company posted $1.76 earnings per share. The business's quarterly revenue was up 15.2% compared to the same quarter last year. Analysts expect that Synopsys will post 9.78 earnings per share for the current fiscal year.

Insider Activity

In other Synopsys news, insider John F. Runkel, Jr. sold 1,219 shares of the business's stock in a transaction that occurred on 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Marc N. Casper bought 750 shares of the stock in a transaction on Monday, March 25th. The stock was acquired at an average cost of $585.45 per share, for a total transaction of $439,087.50. Following the acquisition, the director now owns 1,736 shares of the company's stock, valued at $1,016,341.20. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John F. Runkel, Jr. sold 1,219 shares of the 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 transaction, the insider now owns 26,780 shares in the company, valued at $15,638,181. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,832 shares of company stock valued at $15,464,992. 0.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synopsys

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bay Harbor Wealth Management LLC purchased a new stake in Synopsys in the first quarter valued at approximately $26,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of Synopsys in the 4th quarter valued at $28,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Synopsys in the third quarter worth $29,000. Jones Financial Companies Lllp raised its holdings in shares of Synopsys by 233.3% during the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 42 shares during the last quarter. Finally, Activest Wealth Management acquired a new position in Synopsys during the first quarter valued at $35,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

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.