Synopsys (NASDAQ:SNPS) Price Target Raised to $610.00 at KeyCorp

Synopsys (NASDAQ:SNPS - Free Report) had its price target raised by KeyCorp from $540.00 to $610.00 in a report released on Thursday,Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor company's stock.

SNPS has been the topic of a number of other research reports. Bank of America decreased their price objective on Synopsys from $630.00 to $560.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Rosenblatt Securities decreased their price target on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Piper Sandler reaffirmed an "overweight" rating and set a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. Needham & Company LLC reissued a "buy" rating and issued a $650.00 target price on shares of Synopsys in a research note on Thursday, May 29th. Finally, Mizuho lowered their price target on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $612.67.

Synopsys Price Performance

Synopsys stock traded up $15.24 during trading on Thursday, reaching $566.19. The company had a trading volume of 1,775,121 shares, compared to its average volume of 1,187,683. The firm has a market capitalization of $87.85 billion, a PE ratio of 40.88, a price-to-earnings-growth ratio of 3.64 and a beta of 1.12. The firm's 50-day simple moving average is $495.39 and its 200 day simple moving average is $479.26. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02. Synopsys has a 1-year low of $365.74 and a 1-year high of $624.80.

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

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 11,366 shares of Synopsys 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 transaction, the chief executive officer owned 71,589 shares in the company, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of Synopsys 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 completion of the transaction, the chief financial officer owned 15,291 shares of the company's stock, valued at $7,427,144.52. This represents a 32.34% decrease in their position. 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 three months. Company insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Synopsys

Several institutional investors have recently modified their holdings of the company. Cornerstone Planning Group LLC lifted 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 buying an additional 44 shares during the last quarter. Saudi Central Bank purchased a new stake in Synopsys during the first quarter worth approximately $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 purchasing an additional 53 shares in the last quarter. Ameriflex Group Inc. acquired a new position in Synopsys in the fourth quarter valued at approximately $29,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in Synopsys in the fourth quarter valued at approximately $34,000. 85.47% of the stock is 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.