Synopsys’ (SNPS) “Buy” Rating Reaffirmed at Rosenblatt Securities

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a research report issued on Tuesday,Benzinga reports. They currently have a $660.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ price target points to a potential upside of 41.25% from the stock’s current price.

Other analysts have also issued research reports about the stock. Wells Fargo & Company lowered their target price on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Needham & Company LLC reiterated a “buy” rating and set a $640.00 price objective on shares of Synopsys in a research note on Thursday, December 5th. Morgan Stanley decreased their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday. Robert W. Baird dropped their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Finally, Piper Sandler reduced their price objective on Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research report on Friday, December 6th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $639.58.

Synopsys Stock Performance

Shares of SNPS stock opened at $467.25 on Tuesday. The stock has a market capitalization of $72.23 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 3.23 and a beta of 1.12. Synopsys has a one year low of $457.52 and a one year high of $624.80. The company’s 50-day simple moving average is $509.17 and its 200-day simple moving average is $517.36.

Insider Activity at Synopsys

In other news, CRO Richard S. Mahoney sold 20,838 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the transaction, the executive now owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This represents a 93.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Synopsys

Large investors have recently added to or reduced their stakes in the stock. Davidson Capital Management Inc. boosted its holdings in shares of Synopsys by 33,828.6% during the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock worth $2,405,000 after buying an additional 4,736 shares during the period. Peloton Wealth Strategists lifted its position in shares of Synopsys by 221.2% during the 3rd quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock worth $1,459,000 after purchasing an additional 1,984 shares during the last quarter. Swiss National Bank boosted its stake in Synopsys by 0.7% during the 3rd quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock valued at $230,306,000 after purchasing an additional 3,200 shares during the period. Parnassus Investments LLC acquired a new stake in Synopsys in the 3rd quarter valued at approximately $633,469,000. Finally, Harvest Portfolios Group Inc. increased its position in Synopsys by 3.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock worth $21,330,000 after buying an additional 1,496 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.