Rosenblatt Securities Reiterates Buy Rating for Synopsys (NASDAQ:SNPS)

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating restated by equities research analysts at Rosenblatt Securities in a note issued to investors on Thursday, Benzinga reports. They currently have a $615.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ target price points to a potential upside of 7.31% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Piper Sandler initiated coverage on Synopsys in a report on Thursday, April 4th. They set an “overweight” rating and a $665.00 target price on the stock. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and set a $660.00 price target on shares of Synopsys in a report on Friday, March 22nd. Finally, Robert W. Baird upped their price objective on Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a research note on Thursday, February 22nd. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $601.64.

Synopsys Price Performance

Shares of NASDAQ:SNPS opened at $573.13 on Thursday. Synopsys has a 1 year low of $390.20 and a 1 year high of $629.38. The company has a market cap of $87.40 billion, a PE ratio of 63.12, a P/E/G ratio of 3.34 and a beta of 1.07. The stock’s 50-day moving average is $557.38 and its 200 day moving average is $545.99.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results 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 net margin of 22.96% and a return on equity of 22.88%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the firm earned $1.76 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Analysts expect that Synopsys will post 9.78 EPS for the current fiscal year.

Insider Activity at Synopsys

In related news, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following the completion of the transaction, the chief executive officer now owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys 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 sale, the insider now owns 20,000 shares of the company’s stock, valued at $11,587,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the sale, the chief executive officer now directly owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,832 shares of company stock valued at $15,464,992. Insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Synopsys by 2.1% during the first quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock valued at $7,903,478,000 after acquiring an additional 278,265 shares in the last quarter. Capital World Investors increased its holdings in Synopsys by 12.5% during the first quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock valued at $4,211,892,000 after buying an additional 818,485 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Synopsys by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock valued at $3,050,441,000 after buying an additional 1,514,449 shares during the period. FMR LLC increased its holdings in Synopsys by 8.9% during the third quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company’s stock valued at $1,850,594,000 after buying an additional 330,206 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in Synopsys by 6.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock valued at $1,321,019,000 after buying an additional 153,053 shares during the period. Institutional investors 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.