Synopsys (NASDAQ:SNPS) Receives New Coverage from Analysts at Piper Sandler

Research analysts at Piper Sandler started coverage on shares of Synopsys (NASDAQ:SNPSGet Free Report) in a report released on Thursday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $665.00 price target on the semiconductor company’s stock. Piper Sandler’s price target would suggest a potential upside of 14.88% from the stock’s previous close.

A number of other research analysts have also issued reports on SNPS. Needham & Company LLC reissued a “buy” rating and set a $660.00 target price on shares of Synopsys in a research note on Friday, March 22nd. Wells Fargo & Company boosted their price objective on Synopsys from $620.00 to $630.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 13th. Robert W. Baird boosted their price target on Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a research report on Thursday, February 22nd. Rosenblatt Securities restated a “buy” rating and set a $615.00 price objective on shares of Synopsys in a research note on Thursday, March 21st. Finally, StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $601.00.

Read Our Latest Research Report on SNPS

Synopsys Stock Up 1.6 %

Shares of NASDAQ:SNPS opened at $578.87 on Thursday. The firm has a 50-day simple moving average of $565.94 and a 200 day simple moving average of $526.12. Synopsys has a fifty-two week low of $360.36 and a fifty-two week high of $629.38. The company has a market cap of $88.30 billion, a PE ratio of 63.75, a P/E/G ratio of 3.24 and a beta of 1.06.

Synopsys (NASDAQ:SNPSGet Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.13. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the business posted $1.75 EPS. The business’s revenue was up 21.1% on a year-over-year basis. As a group, research analysts forecast that Synopsys will post 10.06 EPS for the current fiscal year.

Insider Activity at Synopsys

In other Synopsys news, Director Marc N. Casper purchased 750 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were purchased at an average price of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the transaction, the director now owns 1,736 shares in the company, valued at approximately $1,016,341.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Roy Vallee sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the sale, the director now owns 20,000 shares in the company, valued at $11,453,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marc N. Casper acquired 750 shares of the stock in a transaction on Monday, March 25th. The shares were purchased at an average price of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the transaction, the director now owns 1,736 shares in the company, valued at approximately $1,016,341.20. The disclosure for this purchase can be found here. Insiders sold a total of 21,513 shares of company stock valued at $12,383,323 over the last ninety days. Insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new stake in Synopsys in the 4th quarter worth about $891,507,000. Alliancebernstein L.P. boosted its stake in shares of Synopsys by 351.8% during the 4th quarter. Alliancebernstein L.P. now owns 1,773,216 shares of the semiconductor company’s stock valued at $566,170,000 after buying an additional 1,380,699 shares during the period. Moneta Group Investment Advisors LLC grew its stake in shares of Synopsys by 113,493.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 1,319,960 shares of the semiconductor company’s stock valued at $421,450,000 after buying an additional 1,318,798 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Synopsys by 90.2% in the first quarter. Goldman Sachs Group Inc. now owns 733,196 shares of the semiconductor company’s stock worth $244,353,000 after acquiring an additional 347,807 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Synopsys by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company’s stock worth $925,744,000 after purchasing an additional 344,430 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

About Synopsys

(Get Free Report)

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.

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