Synopsys’ (SNPS) “Buy” Rating Reaffirmed at Needham & Company LLC

Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $650.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 38.16% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Wells Fargo & Company cut their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research report on Thursday. Piper Sandler dropped their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. 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 research report on Thursday, December 5th. Redburn Atlantic initiated coverage on Synopsys in a research report on Monday, January 13th. They set a “buy” rating and a $600.00 price target for the company. Finally, Loop Capital assumed coverage on Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Synopsys has an average rating of “Moderate Buy” and a consensus target price of $638.75.

Synopsys Trading Up 2.7 %

Shares of Synopsys stock opened at $470.46 on Thursday. The firm’s 50 day simple moving average is $507.61 and its two-hundred day simple moving average is $516.56. The firm has a market capitalization of $72.72 billion, a price-to-earnings ratio of 32.40, a PEG ratio of 3.23 and a beta of 1.12. Synopsys has a 12-month low of $457.00 and a 12-month high of $624.80.

Insider Buying and Selling at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction on 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 completion of the sale, the executive now directly owns 1,460 shares of the company’s stock, valued at $738,774.60. This trade represents a 93.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Synopsys

A number of hedge funds have recently modified their holdings of the company. Arkadios Wealth Advisors boosted its holdings in Synopsys by 13.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 912 shares of the semiconductor company’s stock valued at $462,000 after purchasing an additional 106 shares during the last quarter. abrdn plc lifted its holdings in Synopsys by 8.2% in the third quarter. abrdn plc now owns 77,099 shares of the semiconductor company’s stock valued at $39,130,000 after acquiring an additional 5,850 shares during the last quarter. Integrated Advisors Network LLC lifted its holdings in Synopsys by 243.1% in the third quarter. Integrated Advisors Network LLC now owns 1,726 shares of the semiconductor company’s stock valued at $874,000 after acquiring an additional 1,223 shares during the last quarter. Strategic Blueprint LLC grew its position in Synopsys by 4.9% in the third quarter. Strategic Blueprint LLC now owns 687 shares of the semiconductor company’s stock worth $348,000 after acquiring an additional 32 shares during the period. Finally, Diversify Wealth Management LLC acquired a new stake in Synopsys during the third quarter worth $328,000. 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.