KeyCorp Raises Synopsys (NASDAQ:SNPS) Price Target to $185.00

Synopsys (NASDAQ:SNPS) had its target price increased by analysts at KeyCorp from $175.00 to $185.00 in a research report issued to clients and investors on Thursday, AnalystRatings.com reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price suggests a potential upside of 8.12% from the company’s current price.

A number of other equities analysts have also commented on SNPS. Credit Suisse Group boosted their price objective on Synopsys from $150.00 to $180.00 and gave the stock a “positive” rating in a research note on Thursday, February 20th. BidaskClub raised Synopsys from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 14th. Wells Fargo & Co upped their price target on Synopsys from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $175.00 price target on shares of Synopsys in a research note on Thursday, April 9th. Finally, Robert W. Baird initiated coverage on Synopsys in a research note on Tuesday, February 18th. They set an “outperform” rating and a $190.00 price target on the stock. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Synopsys has an average rating of “Buy” and an average price target of $181.69.

Synopsys stock traded up $2.62 on Thursday, reaching $171.11. The company’s stock had a trading volume of 975,349 shares, compared to its average volume of 991,832. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.95. The company has a market cap of $25.36 billion, a price-to-earnings ratio of 55.74, a PEG ratio of 3.01 and a beta of 1.14. The business’s fifty day moving average price is $149.46 and its 200 day moving average price is $142.90. Synopsys has a twelve month low of $104.90 and a twelve month high of $171.47.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 20th. The semiconductor company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.23. The company had revenue of $861.33 million for the quarter, compared to analyst estimates of $836.52 million. Synopsys had a return on equity of 11.53% and a net margin of 13.96%. The business’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. As a group, equities analysts forecast that Synopsys will post 3.79 earnings per share for the current year.

In other Synopsys news, Director Bruce R. Chizen sold 25,000 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $153.63, for a total value of $3,840,750.00. Following the completion of the sale, the director now directly owns 13,165 shares in the company, valued at $2,022,538.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Trac Pham sold 5,000 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $146.67, for a total value of $733,350.00. Following the completion of the sale, the chief financial officer now owns 6,704 shares of the company’s stock, valued at $983,275.68. The disclosure for this sale can be found here. Insiders sold 40,000 shares of company stock valued at $5,886,250 in the last quarter. 1.84% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SNPS. Norges Bank bought a new stake in shares of Synopsys in the fourth quarter worth about $214,904,000. Vontobel Asset Management Inc. increased its holdings in shares of Synopsys by 1,003.5% in the first quarter. Vontobel Asset Management Inc. now owns 1,285,207 shares of the semiconductor company’s stock worth $178,005,000 after acquiring an additional 1,168,745 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Synopsys by 46,721.5% during the first quarter. Mackenzie Financial Corp now owns 1,137,294 shares of the semiconductor company’s stock worth $146,472,000 after buying an additional 1,134,865 shares during the period. Franklin Resources Inc. boosted its position in shares of Synopsys by 31.7% during the first quarter. Franklin Resources Inc. now owns 2,670,356 shares of the semiconductor company’s stock worth $343,914,000 after buying an additional 643,506 shares during the period. Finally, Newbrook Capital Advisors LP acquired a new position in shares of Synopsys during the first quarter worth about $77,863,000. Institutional investors own 87.30% of the company’s stock.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; Verification Continuum Platform, which provides 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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Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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