Synopsys' (SNPS) "Buy" Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Synopsys (NASDAQ:SNPS - Free Report) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. They currently have a $660.00 target price on the semiconductor company's stock, up from their previous target price of $650.00.

A number of other equities analysts have also recently commented on the stock. KeyCorp lifted their price objective on shares of Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Bank of America dropped their price objective on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Mizuho dropped their price objective on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Stifel Nicolaus set a $550.00 price objective on shares of Synopsys in a research note on Monday, April 28th. Finally, Piper Sandler reissued an "overweight" rating and issued a $615.00 price objective (down from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $617.67.

Synopsys Price Performance

Shares of SNPS stock traded up $2.10 during mid-day trading on Tuesday, hitting $571.20. The company had a trading volume of 7,925,967 shares, compared to its average volume of 1,249,807. Synopsys has a 52-week low of $365.74 and a 52-week high of $604.83. The stock's 50 day moving average price is $504.42 and its 200-day moving average price is $481.58. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The company has a market capitalization of $88.63 billion, a P/E ratio of 41.24, a P/E/G ratio of 3.76 and a beta of 1.12.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the firm earned $3.00 earnings per share. Synopsys's revenue was up 10.3% on a year-over-year basis. Equities research analysts forecast that Synopsys will post 10.64 earnings per share for the current year.

Insider Transactions at Synopsys

In other news, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total value of $3,550,613.20. Following the transaction, the chief financial officer directly owned 15,291 shares in the company, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was 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 owned 1,485 shares in the company, valued at approximately $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,686 shares of company stock worth $13,001,048. Insiders own 0.62% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Cornerstone Planning Group LLC grew its holdings in Synopsys by 275.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 44 shares in the last quarter. Saudi Central Bank bought a new position in Synopsys during the 1st quarter worth about $26,000. Clal Insurance Enterprises Holdings Ltd grew its holdings in Synopsys by 441.7% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock worth $28,000 after acquiring an additional 53 shares in the last quarter. Ameriflex Group Inc. bought a new position in Synopsys during the 4th quarter worth about $29,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Synopsys during the 4th quarter worth about $34,000. 85.47% of the stock is currently owned by 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.