Brokerages Set Synopsys, Inc. (NASDAQ:SNPS) PT at $601.00

Synopsys, Inc. (NASDAQ:SNPS) has earned an average recommendation of “Buy” from the ten brokerages that are covering the firm, MarketBeat.com reports. Ten research analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have covered the stock in the last year is $601.00.

Several equities analysts have weighed in on the company. Rosenblatt Securities reissued a “buy” rating and issued a $615.00 target price on shares of Synopsys in a research note on Thursday, March 21st. Piper Sandler assumed coverage on shares of Synopsys in a research report on Thursday, April 4th. They issued an “overweight” rating and a $665.00 price target on the stock. StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Robert W. Baird increased their target price on shares of Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $660.00 price target on shares of Synopsys in a report on Friday, March 22nd.

Insider Buying and Selling at Synopsys

In other news, insider John F. Runkel, Jr. sold 5,319 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the completion of the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at approximately $11,587,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider John F. Runkel, Jr. sold 5,319 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the completion of the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Roy Vallee sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total value of $5,726,600.00. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $11,453,200. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,832 shares of company stock worth $15,464,992. Corporate insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Synopsys

Large investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its stake in Synopsys by 5.6% in the third quarter. Commonwealth Equity Services LLC now owns 6,387 shares of the semiconductor company’s stock valued at $2,932,000 after acquiring an additional 337 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Synopsys by 61.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 3,881 shares of the semiconductor company’s stock valued at $1,781,000 after purchasing an additional 1,484 shares during the last quarter. Raymond James & Associates grew its holdings in Synopsys by 32.0% during the third quarter. Raymond James & Associates now owns 118,431 shares of the semiconductor company’s stock worth $54,356,000 after purchasing an additional 28,739 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Synopsys by 105.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 8,100 shares of the semiconductor company’s stock worth $3,718,000 after buying an additional 4,154 shares during the last quarter. Finally, Capital Advisors Inc. OK bought a new stake in Synopsys in the third quarter valued at approximately $206,000. Institutional investors and hedge funds own 85.47% of the company’s stock.

Synopsys Price Performance

SNPS opened at $549.61 on Friday. The firm has a 50 day simple moving average of $559.77 and a 200 day simple moving average of $539.03. Synopsys has a fifty-two week low of $365.46 and a fifty-two week high of $629.38. The company has a market cap of $83.82 billion, a price-to-earnings ratio of 60.53, a price-to-earnings-growth ratio of 3.14 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.43 by $0.13. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.75 EPS. As a group, analysts expect that Synopsys will post 9.78 EPS for the current year.

Synopsys Company Profile

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.