Synopsys, Inc. (NASDAQ:SNPS) Receives $639.58 Consensus PT from Brokerages

Synopsys, Inc. (NASDAQ:SNPS) has earned an average rating of “Moderate Buy” from the twelve brokerages that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $638.58.

Several equities analysts recently weighed in on the company. Morgan Stanley cut their price objective on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research report on Monday, February 24th. Wells Fargo & Company cut their price target on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $650.00 price objective on shares of Synopsys in a research note on Thursday, February 27th. Robert W. Baird reduced their price target on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Finally, Piper Sandler dropped their price objective on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th.

Insider Buying and Selling at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the executive now owns 1,460 shares in the company, valued at $738,774.60. This trade represents a 93.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Synopsys

A number of large investors have recently bought and sold shares of SNPS. Parnassus Investments LLC bought a new stake in shares of Synopsys in the 3rd quarter worth about $633,469,000. Norges Bank acquired a new position in Synopsys in the fourth quarter valued at about $583,608,000. Price T Rowe Associates Inc. MD grew its stake 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 worth $2,864,933,000 after buying an additional 1,045,326 shares during the last quarter. Capital Research Global Investors acquired a new stake in shares of Synopsys during the fourth quarter worth approximately $239,864,000. Finally, Edgewood Management LLC raised its stake in shares of Synopsys by 18.9% in 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 last quarter. 85.47% of the stock is currently owned by institutional investors.

Synopsys Price Performance

Synopsys stock opened at $443.26 on Thursday. Synopsys has a fifty-two week low of $442.29 and a fifty-two week high of $624.80. The firm has a fifty day moving average price of $505.15 and a two-hundred day moving average price of $514.75. The firm has a market cap of $68.54 billion, a price-to-earnings ratio of 30.53, a P/E/G ratio of 3.23 and a beta of 1.12.

Synopsys Company Profile

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.