Piper Sandler Reiterates Overweight Rating for Synopsys (NASDAQ:SNPS)

Synopsys (NASDAQ:SNPS - Get Free Report)'s stock had its "overweight" rating restated by equities researchers at Piper Sandler in a report released on Thursday,Benzinga reports. They currently have a $615.00 price target on the semiconductor company's stock, down from their prior price target of $653.00. Piper Sandler's target price indicates a potential upside of 33.67% from the company's previous close.

A number of other analysts have also recently weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Rosenblatt Securities decreased their target price on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a research note on Thursday. Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 target price on shares of Synopsys in a research note on Thursday. Morgan Stanley decreased their target price on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a research note on Monday, February 24th. Finally, Bank of America reduced their price objective on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Synopsys currently has an average rating of "Moderate Buy" and a consensus target price of $609.64.

Synopsys Price Performance

SNPS traded up $5.09 during trading on Thursday, hitting $460.08. 3,356,054 shares of the stock traded hands, compared to its average volume of 1,143,644. Synopsys has a twelve month low of $365.74 and a twelve month high of $624.80. The company has a market cap of $71.14 billion, a price-to-earnings ratio of 31.69, a PEG ratio of 3.23 and a beta of 1.16. The business has a 50 day moving average price of $453.46 and a 200 day moving average price of $486.08.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping analysts' consensus estimates of $3.40 by $0.27. The firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. The company's revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.00 earnings per share. On average, equities research analysts predict that Synopsys will post 10.64 earnings per share for the current year.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the sale, the chief executive officer now owns 70,922 shares of the company's stock, valued at approximately $32,890,077.50. This represents a 13.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Geus Aart De sold 15,705 shares of the company's stock in a transaction on Thursday, March 6th. The shares were 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 $51,850,925.82. This trade represents a 11.86% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.62% of the company's stock.

Hedge Funds Weigh In On Synopsys

Several institutional investors have recently made changes to their positions in the stock. Anderson Financial Strategies LLC acquired a new position in shares of Synopsys during the first quarter valued at about $232,000. Strs Ohio acquired a new position in shares of Synopsys during the first quarter valued at about $37,609,000. Mattson Financial Services LLC acquired a new position in shares of Synopsys during the first quarter valued at about $1,410,000. MBL Wealth LLC acquired a new position in shares of Synopsys during the first quarter valued at about $203,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Synopsys by 11.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,423 shares of the semiconductor company's stock valued at $610,000 after purchasing an additional 147 shares during the period. Institutional investors and hedge funds 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.