Brokerages Set Synopsys, Inc. (NASDAQ:SNPS) PT at $649.00

Shares of Synopsys, Inc. (NASDAQ:SNPS) have received an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $649.00.

A number of equities analysts have issued reports on the stock. Wells Fargo & Company initiated coverage on shares of Synopsys in a research report on Friday, November 22nd. They set an “equal weight” rating and a $570.00 target price for the company. Rosenblatt Securities restated a “buy” rating and set a $635.00 price objective on shares of Synopsys in a research report on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Thursday, December 5th. Mizuho began coverage on Synopsys in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective on the stock. Finally, Berenberg Bank started coverage on Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective on the stock.

Synopsys Stock Down 1.9 %

Shares of SNPS stock opened at $492.54 on Wednesday. The stock has a market cap of $76.14 billion, a P/E ratio of 33.92, a P/E/G ratio of 3.41 and a beta of 1.12. Synopsys has a fifty-two week low of $457.52 and a fifty-two week high of $629.38. The business has a fifty day simple moving average of $523.58 and a 200-day simple moving average of $528.92.

Institutional Investors Weigh In On Synopsys

Several hedge funds have recently modified their holdings of the stock. Parnassus Investments LLC acquired a new position in shares of Synopsys in the 3rd quarter valued at $633,469,000. Sustainable Growth Advisers LP acquired a new position in Synopsys in the second quarter valued at $572,050,000. Edgewood Management LLC grew its position in Synopsys by 18.9% during the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after acquiring an additional 487,025 shares during the period. Van ECK Associates Corp increased its stake in Synopsys by 26.5% during the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after acquiring an additional 335,993 shares during the last quarter. Finally, Impax Asset Management Group plc raised its holdings in shares of Synopsys by 120.2% in the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock worth $248,497,000 after purchasing an additional 267,836 shares during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

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.