Synopsys (NASDAQ:SNPS) Now Covered by Analysts at The Goldman Sachs Group

Analysts at The Goldman Sachs Group began coverage on shares of Synopsys (NASDAQ:SNPS - Get Free Report) in a report issued on Thursday, MarketBeat reports. The brokerage set a "buy" rating and a $620.00 price target on the semiconductor company's stock. The Goldman Sachs Group's target price points to a potential upside of 9.83% from the company's current price.

A number of other analysts also recently issued reports on SNPS. KeyCorp increased their price target on shares of Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday. Mizuho cut their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC restated a "buy" rating and issued a $650.00 price objective on shares of Synopsys in a research report on Thursday, May 29th. Rosenblatt Securities cut their price objective on Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Finally, Bank of America cut their price objective on Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $612.67.

Synopsys Stock Performance

Shares of NASDAQ SNPS traded down $1.70 during midday trading on Thursday, reaching $564.49. The company had a trading volume of 866,788 shares, compared to its average volume of 1,186,491. The business's 50-day simple moving average is $497.53 and its 200 day simple moving average is $479.77. The stock has a market cap of $87.59 billion, a P/E ratio of 40.75, a P/E/G ratio of 3.64 and a beta of 1.12. Synopsys has a 1 year low of $365.74 and a 1 year high of $624.80. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

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

Insider Buying and Selling

In related news, CRO Richard S. Mahoney sold 9,010 shares of the company's 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 of the company's stock, valued at $699,746.85. This represents a 85.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction dated Monday, June 2nd. The shares were 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 of the company's stock, valued at $32,782,750.77. The trade was a 13.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,686 shares of company stock valued at $13,001,048 in the last ninety days. Company insiders own 0.62% of the company's stock.

Hedge Funds Weigh In On Synopsys

Several large investors have recently bought and sold shares of SNPS. CMH Wealth Management LLC purchased a new stake in shares of Synopsys during the 2nd quarter worth approximately $5,498,000. Diversified Trust Co grew its stake in Synopsys by 11.5% during the 2nd quarter. Diversified Trust Co now owns 3,627 shares of the semiconductor company's stock worth $1,859,000 after buying an additional 374 shares during the last quarter. IFM Investors Pty Ltd grew its stake in Synopsys by 25.4% during the 2nd quarter. IFM Investors Pty Ltd now owns 36,414 shares of the semiconductor company's stock worth $18,669,000 after buying an additional 7,380 shares during the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new position in Synopsys during the 2nd quarter worth approximately $323,000. Finally, Trust Point Inc. grew its stake in Synopsys by 4.4% during the 2nd quarter. Trust Point Inc. now owns 494 shares of the semiconductor company's stock worth $253,000 after buying an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

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.