Synopsys (NASDAQ:SNPS) Given New $610.00 Price Target at KeyCorp

Synopsys (NASDAQ:SNPS - Get Free Report) had its target price raised by analysts at KeyCorp from $540.00 to $610.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor company's stock. KeyCorp's price objective suggests a potential upside of 10.72% from the company's current price.

SNPS has been the subject of several other research reports. Stifel Nicolaus set a $550.00 price target on Synopsys in a research note on Monday, April 28th. Mizuho dropped their target price on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Bank of America reduced their price target on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Rosenblatt Securities lowered their price target on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. Finally, Piper Sandler restated an "overweight" rating and set a $615.00 price objective (down from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $612.67.

Synopsys Stock Down 0.1%

Shares of NASDAQ SNPS opened at $550.95 on Thursday. The stock has a market capitalization of $85.49 billion, a price-to-earnings ratio of 39.78, a price-to-earnings-growth ratio of 3.64 and a beta of 1.12. Synopsys has a 52 week low of $365.74 and a 52 week high of $624.80. The firm has a 50-day moving average price of $495.39 and a 200 day moving average price of $479.26. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted 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. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The company's revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the firm earned $3.00 EPS. Equities research analysts anticipate that Synopsys will post 10.64 EPS for the current fiscal year.

Insider Transactions at Synopsys

In related news, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the transaction, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $457.93, for a total value of $5,204,832.38. Following the completion of the sale, the chief executive officer directly owned 71,589 shares in the company, valued at approximately $32,782,750.77. The trade was a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,686 shares of company stock worth $13,001,048 over the last quarter. 0.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Synopsys

A number of institutional investors have recently bought and sold shares of SNPS. Ameriflex Group Inc. acquired a new position in shares of Synopsys in the 4th quarter valued at $29,000. Cornerstone Planning Group LLC raised 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 worth $25,000 after buying an additional 44 shares during the period. Saudi Central Bank acquired a new position in Synopsys in the first quarter valued at $26,000. Clal Insurance Enterprises Holdings Ltd boosted its holdings in Synopsys by 441.7% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 53 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Synopsys during the fourth quarter valued at about $34,000. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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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