BidaskClub Upgrades Synopsys (NASDAQ:SNPS) to Buy

Synopsys (NASDAQ:SNPS) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, BidAskClub reports.

Several other brokerages have also recently issued reports on SNPS. ValuEngine cut shares of Synopsys from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Bank of America started coverage on shares of Synopsys in a research note on Monday, September 23rd. They set a “buy” rating and a $171.00 price objective for the company. JPMorgan Chase & Co. raised shares of Synopsys from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $157.00 to $160.00 in a research note on Thursday, December 12th. DA Davidson restated a “buy” rating and issued a $175.00 price target on shares of Synopsys in a report on Thursday, December 5th. Finally, KeyCorp increased their price objective on shares of Synopsys from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, January 10th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $156.44.

SNPS stock traded up $1.07 during midday trading on Tuesday, hitting $148.98. The stock had a trading volume of 12,172 shares, compared to its average volume of 845,461. The firm has a market cap of $22.31 billion, a PE ratio of 43.13, a price-to-earnings-growth ratio of 3.09 and a beta of 1.18. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.99 and a quick ratio of 0.91. Synopsys has a 12-month low of $88.22 and a 12-month high of $150.53. The company’s 50-day moving average price is $139.90 and its 200 day moving average price is $136.90.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, December 4th. The semiconductor company reported $1.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.02. Synopsys had a net margin of 15.84% and a return on equity of 13.54%. The firm had revenue of $851.10 million during the quarter, compared to analysts’ expectations of $847.34 million. During the same period in the previous year, the company earned $0.78 EPS. Synopsys’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Synopsys will post 3.76 EPS for the current year.

In related news, General Counsel John F. Runkel, Jr. sold 10,000 shares of Synopsys stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $141.15, for a total value of $1,411,500.00. Following the completion of the sale, the general counsel now owns 23,607 shares in the company, valued at $3,332,128.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.84% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Synopsys by 4.5% during the 2nd quarter. BlackRock Inc. now owns 12,891,437 shares of the semiconductor company’s stock valued at $1,658,997,000 after acquiring an additional 554,602 shares during the last quarter. State Street Corp raised its holdings in shares of Synopsys by 1.8% during the third quarter. State Street Corp now owns 6,590,909 shares of the semiconductor company’s stock worth $904,602,000 after purchasing an additional 118,002 shares during the period. Invesco Ltd. raised its holdings in shares of Synopsys by 33.9% during the second quarter. Invesco Ltd. now owns 3,505,038 shares of the semiconductor company’s stock valued at $451,061,000 after buying an additional 888,033 shares during the last quarter. Voya Investment Management LLC boosted its position in Synopsys by 63.1% during the 3rd quarter. Voya Investment Management LLC now owns 2,062,231 shares of the semiconductor company’s stock worth $283,041,000 after acquiring an additional 798,176 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Synopsys by 4,054.6% in the second quarter. Nuveen Asset Management LLC now owns 1,958,501 shares of the semiconductor company’s stock valued at $252,039,000 after acquiring an additional 1,911,360 shares in the last quarter. Hedge funds and other institutional investors own 87.94% of the company’s stock.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; Verification Continuum Platform, which provides 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.

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Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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