Robert W. Baird Raises Synopsys (NASDAQ:SNPS) Price Target to $661.00

Synopsys (NASDAQ:SNPS) had its target price raised by Robert W. Baird from $645.00 to $661.00 in a report released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

A number of other research firms have also commented on SNPS. JPMorgan Chase & Co. upped their price target on shares of Synopsys from $650.00 to $655.00 and gave the company an overweight rating in a report on Thursday, May 23rd. Needham & Company LLC restated a buy rating and issued a $660.00 price objective on shares of Synopsys in a report on Thursday, May 23rd. KeyCorp upped their price objective on shares of Synopsys from $675.00 to $690.00 and gave the stock an overweight rating in a report on Thursday, June 27th. Piper Sandler restated an overweight rating and issued a $672.00 price objective (up from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. Finally, Rosenblatt Securities restated a buy rating and issued a $615.00 price objective on shares of Synopsys in a report on Thursday, May 23rd. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Synopsys has an average rating of Buy and a consensus price target of $625.82.

Synopsys Stock Performance

Shares of SNPS opened at $606.99 on Tuesday. The firm has a market cap of $93.00 billion, a price-to-earnings ratio of 65.98, a PEG ratio of 3.93 and a beta of 1.07. Synopsys has a fifty-two week low of $418.51 and a fifty-two week high of $629.38. The firm has a 50 day moving average price of $574.85 and a 200-day moving average price of $557.39.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data 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 business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the firm posted $1.76 earnings per share. The company’s revenue was up 15.2% compared to the same quarter last year. As a group, equities research analysts predict that Synopsys will post 9.66 earnings per share for the current year.

Insider Transactions at Synopsys

In related news, insider Geus Aart De sold 5,893 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $602.00, for a total transaction of $3,547,586.00. Following the sale, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $64,403,766. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the sale, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $36,440,228.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Geus Aart De sold 5,893 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $602.00, for a total transaction of $3,547,586.00. Following the sale, the insider now directly owns 106,983 shares in the company, valued at $64,403,766. The disclosure for this sale can be found here. Insiders have sold 36,232 shares of company stock valued at $21,436,741 in the last three months. 0.66% of the stock is currently owned by company insiders.

Institutional Trading of Synopsys

Institutional investors have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV lifted its stake in Synopsys by 19.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 651 shares of the semiconductor company’s stock valued at $387,000 after acquiring an additional 105 shares during the period. GAMMA Investing LLC lifted its stake in Synopsys by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,592 shares of the semiconductor company’s stock valued at $947,000 after acquiring an additional 673 shares during the period. Transcend Capital Advisors LLC bought a new position in Synopsys during the 2nd quarter valued at about $828,000. Jackson Wealth Management LLC lifted its stake in Synopsys by 8.4% during the 1st quarter. Jackson Wealth Management LLC now owns 7,646 shares of the semiconductor company’s stock valued at $4,370,000 after acquiring an additional 595 shares during the period. Finally, American Trust lifted its stake in Synopsys by 2.1% during the 1st quarter. American Trust now owns 1,490 shares of the semiconductor company’s stock valued at $852,000 after acquiring an additional 30 shares during the period. 85.47% of the stock is owned by hedge funds and other institutional investors.

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.