Rosenblatt Securities Issues Positive Forecast for Synopsys (NASDAQ:SNPS) Stock Price

Key Points

• Rosenblatt Securities has raised its price target for Synopsys (NASDAQ:SNPS) from $625 to $650, indicating a potential upside of 6.61% from its last close.
• The stock currently has an average rating of "Moderate Buy" from analysts, with 13 buy ratings and one hold rating, alongside an average target price of about $622.33.
• In recent earnings, Synopsys reported $3.67 earnings per share, exceeding analyst expectations, with year-over-year revenue growth of 10.3%.

Synopsys (NASDAQ:SNPS - Get Free Report) had its price objective lifted by investment analysts at Rosenblatt Securities from $625.00 to $650.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. Rosenblatt Securities' target price indicates a potential upside of 6.61% from the stock's previous close.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group assumed coverage on shares of Synopsys in a research note on Thursday, July 10th. They set a "buy" rating and a $620.00 target price on the stock. Piper Sandler increased their price objective on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research note on Monday. Mizuho cut their target price on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Bank of America boosted their target price on Synopsys from $575.00 to $625.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $660.00 price target (up previously from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. 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.com, Synopsys currently has an average rating of "Moderate Buy" and an average target price of $622.33.

Synopsys Price Performance

Synopsys stock opened at $609.68 on Friday. The company has a market capitalization of $94.60 billion, a price-to-earnings ratio of 44.02, a PEG ratio of 4.07 and a beta of 1.12. Synopsys has a 12 month low of $365.74 and a 12 month high of $618.49. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The stock's 50 day moving average is $516.09 and its 200-day moving average is $486.19.

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

Insider Transactions at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction that occurred on 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 sale, 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 Securities & Exchange Commission, which is available through this link. Also, CFO Shelagh Glaser sold 7,310 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the sale, the chief financial officer owned 15,291 shares in the company, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synopsys

A number of large investors have recently modified their holdings of SNPS. Cornerstone Planning Group LLC increased its position in shares of Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. Saudi Central Bank purchased a new position in shares of Synopsys in the 1st quarter valued at $26,000. Clal Insurance Enterprises Holdings Ltd grew its position in shares of Synopsys by 441.7% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after buying an additional 53 shares during the last quarter. Independence Bank of Kentucky grew its position in shares of Synopsys by 120.0% in the 2nd quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company's stock valued at $28,000 after buying an additional 30 shares during the last quarter. Finally, Ameriflex Group Inc. purchased a new position in shares of Synopsys in the 4th quarter valued at $29,000. 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.

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