Synopsys (NASDAQ:SNPS) Director Robert Painter Purchases 350 Shares

Key Points

• Synopsys Director Robert Painter purchased 350 shares of the company at an average price of $425.44 per share, increasing his ownership by 18.03% and bringing his total shares to 2,291, valued at approximately $974,683.04.
• Analysts have lowered their target prices for Synopsys, with JPMorgan cutting its target from $685.00 to $600.00, while Rosenblatt Securities reduced its target from $650.00 to $605.00, reflecting a cautious outlook on the stock.
• Despite current trading challenges, with shares recently down by 1.5%, institutional ownership is strong, with 85.47% of the company's stock held by institutional investors and hedge funds.

Synopsys, Inc. (NASDAQ:SNPS - Get Free Report) Director Robert Painter bought 350 shares of the company's stock in a transaction on Thursday, September 11th. The shares were acquired at an average price of $425.44 per share, with a total value of $148,904.00. Following the transaction, the director directly owned 2,291 shares in the company, valued at approximately $974,683.04. The trade was a 18.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Synopsys Trading Down 1.5%

SNPS stock traded down $6.25 during midday trading on Monday, hitting $419.20. 4,422,061 shares of the company's stock were exchanged, compared to its average volume of 3,113,537. The stock's fifty day moving average price is $590.39 and its 200-day moving average price is $507.16. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 1.62. The company has a market cap of $77.87 billion, a PE ratio of 44.32, a price-to-earnings-growth ratio of 5.60 and a beta of 1.14. Synopsys, Inc. has a one year low of $365.74 and a one year high of $651.73.

Analysts Set New Price Targets

SNPS has been the subject of a number of research analyst reports. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $605.00 target price (down from $650.00) on shares of Synopsys in a research note on Wednesday, September 10th. JPMorgan Chase & Co. reduced their target price on shares of Synopsys from $685.00 to $600.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Bank of America reaffirmed an "underperform" rating and issued a $525.00 target price (down from $625.00) on shares of Synopsys in a research note on Wednesday, September 10th. Robert W. Baird reaffirmed a "neutral" rating and issued a $535.00 target price (down from $670.00) on shares of Synopsys in a research note on Wednesday, September 10th. Finally, Morgan Stanley reduced their target price on shares of Synopsys from $715.00 to $510.00 and set an "overweight" rating for the company in a research note on Thursday. Eleven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $585.33.

Institutional Investors Weigh In On Synopsys

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Synopsys by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 15,060,784 shares of the semiconductor company's stock valued at $7,721,363,000 after acquiring an additional 231,014 shares during the period. State Street Corp raised its holdings in Synopsys by 1.2% in the 2nd quarter. State Street Corp now owns 7,266,446 shares of the semiconductor company's stock valued at $3,725,362,000 after acquiring an additional 85,662 shares during the period. Geode Capital Management LLC raised its holdings in Synopsys by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 3,545,892 shares of the semiconductor company's stock valued at $1,810,214,000 after acquiring an additional 51,043 shares during the period. Ameriprise Financial Inc. raised its holdings in Synopsys by 29.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,598,874 shares of the semiconductor company's stock valued at $1,333,095,000 after acquiring an additional 585,494 shares during the period. Finally, Pictet Asset Management Holding SA raised its holdings in Synopsys by 38.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock valued at $1,043,518,000 after acquiring an additional 673,837 shares during the period. 85.47% of the stock is currently owned by institutional investors and hedge funds.

About Synopsys

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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