Synopsys (NASDAQ:SNPS) Stock Price Up 4.2% Following Analyst Upgrade

Synopsys, Inc. (NASDAQ:SNPS)’s stock price shot up 4.2% on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $650.00 to $655.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Synopsys traded as high as $597.94 and last traded at $597.24. 495,205 shares were traded during mid-day trading, a decline of 56% from the average session volume of 1,129,793 shares. The stock had previously closed at $573.13.

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

Insider Activity at Synopsys

In related news, Director Marc N. Casper acquired 750 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was acquired at an average cost of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the acquisition, the director now directly owns 1,736 shares of the company’s stock, valued at approximately $1,016,341.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Marc N. Casper purchased 750 shares of Synopsys stock in a transaction on Monday, March 25th. The stock was bought at an average price of $585.45 per share, with a total value of $439,087.50. Following the completion of the transaction, the director now directly owns 1,736 shares of the company’s stock, valued at $1,016,341.20. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction on 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 transaction, the chief executive officer now owns 61,863 shares in the company, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. Insiders have sold a total of 26,832 shares of company stock worth $15,464,992 in the last ninety days. 0.66% of the stock is owned by insiders.

Hedge Funds Weigh In On Synopsys

A number of institutional investors have recently modified their holdings of SNPS. Bay Harbor Wealth Management LLC bought a new stake in Synopsys during the 1st quarter worth approximately $26,000. University of Texas Texas AM Investment Managment Co. bought a new position in shares of Synopsys during the fourth quarter worth about $28,000. Jones Financial Companies Lllp lifted its position in shares of Synopsys by 233.3% in the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 42 shares in the last quarter. Activest Wealth Management bought a new position in shares of Synopsys in the 1st quarter valued at about $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Synopsys in the third quarter valued at about $29,000. 85.47% of the stock is owned by institutional investors.

Synopsys Stock Up 3.8 %

The firm has a fifty day moving average of $557.38 and a 200-day moving average of $545.99. The firm has a market cap of $90.69 billion, a P/E ratio of 63.33, a price-to-earnings-growth ratio of 3.34 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company earned $1.76 EPS. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities analysts forecast that Synopsys, Inc. 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.