Synopsys (NASDAQ:SNPS) Price Target Cut to $590.00 by Analysts at Morgan Stanley

Synopsys (NASDAQ:SNPS) had its price objective dropped by equities research analysts at Morgan Stanley from $625.00 to $590.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective indicates a potential upside of 24.25% from the company’s current price.

Several other equities research analysts have also issued reports on SNPS. Needham & Company LLC reissued a “buy” rating and issued a $640.00 target price on shares of Synopsys in a report on Thursday, December 5th. Piper Sandler reduced their price objective on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research note on Friday, December 6th. Loop Capital started coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price for the company. Robert W. Baird cut their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a research report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and an average target price of $637.50.

Synopsys Stock Down 3.9 %

Shares of SNPS opened at $474.84 on Monday. Synopsys has a 52 week low of $457.52 and a 52 week high of $629.38. The stock has a market cap of $73.40 billion, a price-to-earnings ratio of 32.70, a PEG ratio of 3.23 and a beta of 1.12. The business has a 50-day simple moving average of $510.21 and a two-hundred day simple moving average of $517.67.

Insider Buying and Selling at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the sale, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Synopsys

Several institutional investors have recently added to or reduced their stakes in SNPS. Parnassus Investments LLC bought a new position in shares of Synopsys during the 3rd quarter valued at approximately $633,469,000. Norges Bank purchased a new stake in Synopsys during the fourth quarter valued at $583,608,000. Price T Rowe Associates Inc. MD lifted its position in Synopsys by 21.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock valued at $2,864,933,000 after purchasing an additional 1,045,326 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Synopsys in the 4th quarter worth $239,864,000. Finally, Edgewood Management LLC increased its holdings in shares of Synopsys by 18.9% in the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after buying an additional 487,025 shares during 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.