Royal Bank of Canada Increases Synopsys (NASDAQ:SNPS) Price Target to $185.00

Synopsys (NASDAQ:SNPS) had its target price lifted by analysts at Royal Bank of Canada from $178.00 to $185.00 in a note issued to investors on Thursday, The Fly reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Royal Bank of Canada’s target price points to a potential upside of 8.12% from the company’s previous close.

A number of other brokerages have also recently weighed in on SNPS. Atlantic Securities started coverage on Synopsys in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $200.00 price target on the stock. Credit Suisse Group raised their price objective on Synopsys from $150.00 to $180.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and set a $175.00 price objective on shares of Synopsys in a research report on Thursday, April 9th. Robert W. Baird started coverage on Synopsys in a research report on Tuesday, February 18th. They set an “outperform” rating and a $190.00 price objective for the company. Finally, Zacks Investment Research lowered Synopsys from a “buy” rating to a “hold” rating and set a $134.00 price objective for the company. in a research report on Friday, March 27th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Synopsys currently has an average rating of “Buy” and a consensus price target of $181.69.

SNPS traded up $2.62 during trading on Thursday, reaching $171.11. The company had a trading volume of 975,349 shares, compared to its average volume of 991,832. The firm’s 50-day simple moving average is $149.46 and its 200 day simple moving average is $142.90. 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. Synopsys has a 12-month low of $104.90 and a 12-month high of $171.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.95.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, May 20th. The semiconductor company reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.23. The firm had revenue of $861.33 million for the quarter, compared to analysts’ expectations of $836.52 million. Synopsys had a return on equity of 11.53% and a net margin of 13.96%. Synopsys’s revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. On average, sell-side analysts expect that Synopsys will post 3.79 EPS for the current year.

In other Synopsys news, General Counsel John F. Runkel, Jr. sold 5,000 shares of Synopsys stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $127.43, for a total value of $637,150.00. Following the transaction, the general counsel now directly owns 23,736 shares of the company’s stock, valued at approximately $3,024,678.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Bruce R. Chizen sold 25,000 shares of Synopsys stock in a transaction that occurred on 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 transaction, the director now directly owns 13,165 shares in the company, valued at $2,022,538.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,000 shares of company stock worth $5,886,250. Company insiders own 1.84% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Achmea Investment Management B.V. increased its position in shares of Synopsys by 151.2% during the fourth quarter. Achmea Investment Management B.V. now owns 19,092 shares of the semiconductor company’s stock valued at $2,658,000 after purchasing an additional 11,492 shares during the period. American International Group Inc. increased its position in shares of Synopsys by 3.3% during the fourth quarter. American International Group Inc. now owns 65,493 shares of the semiconductor company’s stock valued at $9,117,000 after purchasing an additional 2,118 shares during the period. Champlain Investment Partners LLC increased its position in shares of Synopsys by 0.3% during the fourth quarter. Champlain Investment Partners LLC now owns 603,115 shares of the semiconductor company’s stock valued at $83,954,000 after purchasing an additional 1,835 shares during the period. Advisor Partners LLC boosted its stake in Synopsys by 3.6% in the 4th quarter. Advisor Partners LLC now owns 4,183 shares of the semiconductor company’s stock valued at $619,000 after buying an additional 144 shares in the last quarter. Finally, Wetherby Asset Management Inc. acquired a new stake in Synopsys in the 4th quarter valued at $212,000. Institutional investors and hedge funds own 87.30% of the company’s stock.

About Synopsys

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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