Synopsys (NASDAQ:SNPS) Receives Buy Rating from Needham & Company LLC

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $650.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 38.16% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Wells Fargo & Company decreased their price target on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research note on Thursday. Piper Sandler reduced their price target on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. Loop Capital began coverage on shares of Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. Redburn Atlantic initiated coverage on shares of Synopsys in a report on Monday, January 13th. They issued a “buy” rating and a $600.00 price objective for the company. Finally, Morgan Stanley reduced their target price on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a report on Monday. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Synopsys has a consensus rating of “Moderate Buy” and an average price target of $638.75.

Synopsys Stock Performance

Synopsys stock opened at $470.46 on Thursday. The company’s 50 day simple moving average is $507.61 and its 200-day simple moving average is $516.56. Synopsys has a 1 year low of $457.00 and a 1 year high of $624.80. The company has a market capitalization of $72.72 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12.

Insider Buying and Selling

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the sale, the executive now owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Kieckhefer Group LLC acquired a new position in Synopsys in the fourth quarter valued at $27,000. Ameriflex Group Inc. purchased a new stake in shares of Synopsys in the 4th quarter valued at about $29,000. Whipplewood Advisors LLC acquired a new stake in shares of Synopsys in the 4th quarter valued at about $33,000. Hazlett Burt & Watson Inc. grew its stake in Synopsys by 40.0% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after buying an additional 20 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Synopsys during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 85.47% of the company’s stock.

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.