JPMorgan Chase & Co. Increases Synopsys (NASDAQ:SNPS) Price Target to $655.00

Synopsys (NASDAQ:SNPS) had its price target hoisted by equities researchers at JPMorgan Chase & Co. from $650.00 to $655.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 13.91% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Robert W. Baird increased their target price on Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Piper Sandler reissued an “overweight” rating and issued a $672.00 target price (up previously from $665.00) on shares of Synopsys in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Thursday. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $615.00 target price on shares of Synopsys in a research note on Thursday. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $615.73.

Synopsys Price Performance

NASDAQ:SNPS opened at $575.00 on Thursday. The company has a market cap of $87.69 billion, a P/E ratio of 63.12, a P/E/G ratio of 3.34 and a beta of 1.07. The stock’s fifty day moving average price is $557.38 and its two-hundred day moving average price is $545.99. Synopsys has a 1 year low of $390.20 and a 1 year high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.76 EPS. On average, analysts expect that Synopsys will post 9.78 earnings per share for the current fiscal year.

Insider Transactions at Synopsys

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 sale, the insider now directly owns 20,000 shares in the company, valued at $11,587,400. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 sale, the insider now directly owns 20,000 shares in the company, valued at $11,587,400. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the completion of the sale, the chief executive officer now owns 61,863 shares of the company’s stock, valued at $35,726,501.13. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,832 shares of company stock worth $15,464,992. Company insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bay Harbor Wealth Management LLC bought a new position in shares of Synopsys during the first quarter valued at approximately $26,000. University of Texas Texas AM Investment Managment Co. bought a new position in shares of Synopsys during the fourth quarter valued at approximately $28,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Synopsys during the third quarter valued at approximately $29,000. Jones Financial Companies Lllp increased its stake in shares of Synopsys by 233.3% during the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 42 shares in the last quarter. Finally, Activest Wealth Management bought a new position in shares of Synopsys during the first quarter valued at approximately $35,000. 85.47% of the stock is currently 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.