Synopsys (NASDAQ:SNPS) Hits New 52-Week Low – Time to Sell?

Synopsys, Inc. (NASDAQ:SNPS) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $423.08 and last traded at $426.49, with a volume of 96037 shares. The stock had previously closed at $437.95.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $650.00 price objective on shares of Synopsys in a research note on Thursday, February 27th. Piper Sandler dropped their price target on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Redburn Atlantic initiated coverage on Synopsys in a research note on Monday, January 13th. They issued a “buy” rating and a $600.00 price objective for the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $660.00 target price on shares of Synopsys in a report on Tuesday, February 25th. Finally, Robert W. Baird cut their price target on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Synopsys presently has an average rating of “Moderate Buy” and an average price target of $638.58.

Synopsys Stock Down 2.7 %

The business has a 50-day simple moving average of $485.62 and a 200-day simple moving average of $505.72. The company has a market cap of $65.88 billion, a PE ratio of 29.34, a P/E/G ratio of 3.23 and a beta of 1.16.

Insider Activity

In other Synopsys news, insider Geus Aart De sold 15,705 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares of the company’s stock, valued at $51,850,925.82. This trade represents a 11.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the sale, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at $32,890,077.50. This represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,909 shares of company stock worth $22,794,835 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kieckhefer Group LLC acquired a new position in Synopsys in the 4th quarter valued at $27,000. Ameriflex Group Inc. purchased a new stake in shares of Synopsys during the fourth quarter worth $29,000. Whipplewood Advisors LLC acquired a new stake in shares of Synopsys in the fourth quarter valued at about $33,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Synopsys in the fourth quarter worth about $34,000. Finally, Sierra Ocean LLC acquired a new position in Synopsys during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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.