Synopsys (NASDAQ:SNPS) Price Target Raised to $655.00

Synopsys (NASDAQ:SNPS) had its target price lifted by JPMorgan Chase & Co. from $650.00 to $655.00 in a research report report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the semiconductor company’s stock.

A number of other equities research analysts also recently issued reports on SNPS. Robert W. Baird upped their price target on shares of Synopsys from $624.00 to $640.00 and gave the company an outperform rating in a research note on Thursday, February 22nd. Piper Sandler reaffirmed an overweight rating and set a $672.00 price target (up previously from $665.00) on shares of Synopsys in a research note on Thursday. Rosenblatt Securities reaffirmed a buy rating and set a $615.00 price target on shares of Synopsys in a research note on Thursday. StockNews.com raised shares of Synopsys from a hold rating to a buy rating in a research note on Monday, March 18th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $660.00 price target on shares of Synopsys in a research note on Thursday. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and an average target price of $616.18.

Synopsys Stock Performance

Shares of NASDAQ:SNPS opened at $587.40 on Thursday. The firm has a fifty day moving average price of $558.67 and a 200 day moving average price of $547.28. Synopsys has a fifty-two week low of $409.83 and a fifty-two week high of $629.38. The firm has a market cap of $89.58 billion, a price-to-earnings ratio of 63.85, a P/E/G ratio of 3.42 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a return on equity of 22.66% and a net margin of 23.05%. 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 posted $1.76 EPS. Synopsys’s revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that Synopsys will post 9.78 earnings per share for the current year.

Insider Activity

In other news, Director Roy Vallee sold 10,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total value of $5,726,600.00. Following the sale, the director now owns 20,000 shares of the company’s stock, valued at $11,453,200. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Roy Vallee sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total value of $5,726,600.00. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $11,453,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Marc N. Casper purchased 750 shares of Synopsys stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average cost of $585.45 per share, for a total transaction of $439,087.50. Following the purchase, the director now directly owns 1,736 shares in the company, valued at $1,016,341.20. The disclosure for this purchase can be found here. Insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SNPS. Coldstream Capital Management Inc. grew its holdings in Synopsys by 0.8% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,195 shares of the semiconductor company’s stock worth $1,130,000 after acquiring an additional 18 shares in the last quarter. Mission Wealth Management LP grew its holdings in Synopsys by 2.5% during the 4th quarter. Mission Wealth Management LP now owns 780 shares of the semiconductor company’s stock worth $401,000 after acquiring an additional 19 shares in the last quarter. Fred Alger Management LLC grew its holdings in Synopsys by 1.8% during the 3rd quarter. Fred Alger Management LLC now owns 1,150 shares of the semiconductor company’s stock worth $528,000 after acquiring an additional 20 shares in the last quarter. Hazlett Burt & Watson Inc. grew its holdings in Synopsys by 40.0% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $40,000 after acquiring an additional 20 shares in the last quarter. Finally, Ignite Planners LLC grew its holdings in Synopsys by 3.5% during the 1st quarter. Ignite Planners LLC now owns 596 shares of the semiconductor company’s stock worth $344,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other 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.