Synopsys (NASDAQ:SNPS) Given New $660.00 Price Target at KeyCorp

Key Points

• KeyCorp raised its price target for Synopsys (NASDAQ:SNPS) from $610.00 to $660.00, suggesting a potential upside of 11.48% from the previous close, with an "overweight" rating on the stock.
• Other brokerages, including Morgan Stanley and Needham & Company, have also increased their target prices, indicating strong consensus among analysts with 12 buy ratings against 1 hold.
• Despite a recent 1.9% drop in Synopsys shares, the company maintains a strong market capitalization of $91.86 billion and has demonstrated robust growth metrics.

Synopsys (NASDAQ:SNPS - Get Free Report) had its price target hoisted by KeyCorp from $610.00 to $660.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the semiconductor company's stock. KeyCorp's price objective would indicate a potential upside of 11.48% from the company's previous close.

A number of other brokerages have also recently commented on SNPS. Morgan Stanley reiterated an "overweight" rating and issued a $715.00 target price (up previously from $540.00) on shares of Synopsys in a report on Monday, August 11th. Wells Fargo & Company reissued a "positive" rating on shares of Synopsys in a research report on Wednesday, August 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $660.00 target price (up from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Bank of America increased their price objective on Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Finally, Piper Sandler upped their target price on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $638.21.

Synopsys Stock Down 1.9%

Shares of SNPS opened at $592.01 on Wednesday. The business's 50 day moving average is $587.98 and its 200 day moving average is $504.43. The company has a market capitalization of $91.86 billion, a PE ratio of 42.74, a price-to-earnings-growth ratio of 3.97 and a beta of 1.14. Synopsys has a 12-month low of $365.74 and a 12-month high of $651.73. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

Insiders Place Their Bets

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys 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 sale, the executive owned 1,485 shares in the company, valued at $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction on Friday, June 6th. The shares were sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the sale, the chief financial officer owned 15,291 shares in the company, valued at $7,427,144.52. This represents a 32.34% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by insiders.

Institutional Trading of Synopsys

A number of institutional investors have recently bought and sold shares of SNPS. Lionshead Wealth Management LLC lifted its holdings in shares of Synopsys by 1.9% in the 2nd quarter. Lionshead Wealth Management LLC now owns 914 shares of the semiconductor company's stock valued at $469,000 after purchasing an additional 17 shares during the last quarter. YANKCOM Partnership lifted its holdings in shares of Synopsys by 3.3% in the 2nd quarter. YANKCOM Partnership now owns 537 shares of the semiconductor company's stock valued at $275,000 after purchasing an additional 17 shares during the last quarter. Manchester Capital Management LLC lifted its holdings in shares of Synopsys by 5.3% in the 2nd quarter. Manchester Capital Management LLC now owns 340 shares of the semiconductor company's stock valued at $174,000 after purchasing an additional 17 shares during the last quarter. Hemington Wealth Management lifted its holdings in shares of Synopsys by 10.1% in the 2nd quarter. Hemington Wealth Management now owns 197 shares of the semiconductor company's stock valued at $100,000 after purchasing an additional 18 shares during the last quarter. Finally, Concord Asset Management LLC VA raised its stake in Synopsys by 0.8% during the 2nd quarter. Concord Asset Management LLC VA now owns 2,379 shares of the semiconductor company's stock valued at $1,220,000 after acquiring an additional 18 shares during the last quarter. 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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