Synopsys (NASDAQ:SNPS) Reaches New 52-Week Low – Should You Sell?

Synopsys, Inc. (NASDAQ:SNPS)’s stock price hit a new 52-week low during trading on Monday . The company traded as low as $442.95 and last traded at $443.05, with a volume of 1475941 shares changing hands. The stock had previously closed at $457.28.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley dropped their price objective on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. Piper Sandler dropped their price target on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research report on Thursday. Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and set a $660.00 price objective on shares of Synopsys in a report on Tuesday, February 25th. Finally, Robert W. Baird reduced their target price on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. One 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, Synopsys has an average rating of “Moderate Buy” and an average price target of $638.58.

Synopsys Price Performance

The company has a fifty day simple moving average of $506.14 and a 200-day simple moving average of $515.49. The company has a market cap of $68.54 billion, a P/E ratio of 30.53, a PEG ratio of 3.23 and a beta of 1.12.

Insider Activity

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the sale, the executive now owns 1,460 shares in the company, valued at $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synopsys

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Peloton Wealth Strategists raised its position in Synopsys by 221.2% during the third quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock valued at $1,459,000 after buying an additional 1,984 shares during the period. Swiss National Bank increased its holdings in shares of Synopsys by 0.7% in 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 purchased a new stake in shares of Synopsys in the third quarter worth approximately $633,469,000. Harvest Portfolios Group Inc. boosted its holdings in shares of Synopsys by 3.7% during the third quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock worth $21,330,000 after purchasing an additional 1,496 shares during the period. Finally, Nordea Investment Management AB grew its position in Synopsys by 15.9% during the fourth quarter. Nordea Investment Management AB now owns 1,043,995 shares of the semiconductor company’s stock valued at $509,261,000 after purchasing an additional 143,284 shares in the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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.