Piper Sandler Lowers Synopsys (NASDAQ:SNPS) Price Target to $630.00

Key Points

• Piper Sandler has lowered the price target for Synopsys (SNPS) from $660.00 to $630.00, while maintaining an "overweight" rating, indicating a potential upside of 4.24% from the stock's previous close.
• As of now, eleven analysts have rated Synopsys as a Buy, while three hold a Hold rating and two have issued a Sell rating, contributing to an average rating of "Moderate Buy" with an average target price of $605.00.
• Recent insider activity includes significant share sales by the CRO and CEO of Synopsys, representing decreases in their ownership stakes in the company.

Synopsys (NASDAQ:SNPS - Get Free Report) had its price target lowered by Piper Sandler from $660.00 to $630.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the semiconductor company's stock. Piper Sandler's price objective would suggest a potential upside of 4.24% from the stock's previous close.

A number of other research firms also recently weighed in on SNPS. The Goldman Sachs Group started coverage on Synopsys in a research report on Thursday, July 10th. They set a "buy" rating and a $620.00 target price on the stock. Morgan Stanley reissued an "overweight" rating and set a $715.00 target price (up from $540.00) on shares of Synopsys in a research report on Monday, August 11th. Wells Fargo & Company reissued a "positive" rating on shares of Synopsys in a research report on Wednesday, August 27th. Robert W. Baird reaffirmed a "neutral" rating and set a $535.00 price objective (down from $670.00) on shares of Synopsys in a report on Wednesday. Finally, KeyCorp lifted their price objective on Synopsys from $610.00 to $660.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $605.00.

Synopsys Trading Down 0.8%

Synopsys stock opened at $604.37 on Wednesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02. The business's 50-day simple moving average is $597.69 and its 200-day simple moving average is $507.82. The firm has a market capitalization of $93.77 billion, a PE ratio of 43.64, a PEG ratio of 4.00 and a beta of 1.14. Synopsys has a 52 week low of $365.74 and a 52 week high of $651.73.

Insider Activity

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

Institutional Investors Weigh In On Synopsys

A number of institutional investors and hedge funds have recently modified their holdings of the company. Centaurus Financial Inc. raised its holdings in Synopsys by 22.5% in the 2nd quarter. Centaurus Financial Inc. now owns 1,334 shares of the semiconductor company's stock valued at $684,000 after acquiring an additional 245 shares during the period. Orion Porfolio Solutions LLC boosted its position in Synopsys by 1.2% in the second quarter. Orion Porfolio Solutions LLC now owns 25,706 shares of the semiconductor company's stock valued at $13,179,000 after buying an additional 307 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Synopsys by 1.3% during the second quarter. Thrivent Financial for Lutherans now owns 6,933 shares of the semiconductor company's stock worth $3,549,000 after purchasing an additional 90 shares during the period. MASTERINVEST Kapitalanlage GmbH acquired a new position in shares of Synopsys during the second quarter worth $2,477,000. Finally, Stance Capital LLC acquired a new position in shares of Synopsys during the second quarter worth $1,393,000. 85.47% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.