Synopsys (NASDAQ:SNPS) Receives "Buy" Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Synopsys (NASDAQ:SNPS - Free Report) in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a $650.00 target price on the semiconductor company's stock.

Other analysts have also issued research reports about the company. Piper Sandler lowered their target price on Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a report on Thursday, February 27th. Stifel Nicolaus set a $550.00 target price on Synopsys in a report on Monday, April 28th. Rosenblatt Securities lowered their target price on Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a report on Thursday. Morgan Stanley lowered their target price on Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a report on Monday, February 24th. Finally, KeyCorp set a $575.00 price target on Synopsys and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $609.64.

Synopsys Trading Up 1.1%

Shares of NASDAQ SNPS traded up $5.09 during trading hours on Thursday, reaching $460.08. The stock had a trading volume of 3,356,054 shares, compared to its average volume of 1,143,644. The firm has a market cap of $71.14 billion, a price-to-earnings ratio of 31.69, a P/E/G ratio of 3.23 and a beta of 1.16. The business's fifty day moving average price is $453.46 and its two-hundred day moving average price is $486.08. Synopsys has a 52-week low of $365.74 and a 52-week high of $624.80.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced 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 firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. Synopsys had a return on equity of 20.48% and a net margin of 36.12%. Synopsys's quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.00 earnings per share. Equities research analysts anticipate that Synopsys will post 10.64 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $463.75, for a total value of $5,270,982.50. Following the transaction, the chief executive officer now directly owns 70,922 shares of the company's stock, valued at $32,890,077.50. This represents a 13.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Geus Aart De sold 15,705 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the sale, the insider now directly owns 116,671 shares in the company, valued at approximately $51,850,925.82. The trade was a 11.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC boosted its holdings in Synopsys by 5.7% in the 4th quarter. Brighton Jones LLC now owns 921 shares of the semiconductor company's stock worth $447,000 after buying an additional 50 shares during the last quarter. Flagship Harbor Advisors LLC boosted its holdings in Synopsys by 8.0% in the 4th quarter. Flagship Harbor Advisors LLC now owns 649 shares of the semiconductor company's stock worth $315,000 after buying an additional 48 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Synopsys in the 4th quarter worth about $17,162,000. Hantz Financial Services Inc. boosted its holdings in Synopsys by 13.7% in the 4th quarter. Hantz Financial Services Inc. now owns 5,320 shares of the semiconductor company's stock worth $2,582,000 after buying an additional 643 shares during the last quarter. Finally, Cibc World Market Inc. boosted its holdings in Synopsys by 99.3% in the 4th quarter. Cibc World Market Inc. now owns 42,767 shares of the semiconductor company's stock worth $20,757,000 after buying an additional 21,305 shares during the last quarter. 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.