Piper Sandler Forecasts Strong Price Appreciation for Synopsys (NASDAQ:SNPS) Stock

Synopsys (NASDAQ:SNPS) had its price target lifted by stock analysts at Piper Sandler from $615.00 to $660.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s target price points to a potential upside of 12.02% from the stock’s current price.

Several other research firms have also recently commented on SNPS. Mizuho reduced their price target on Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Rosenblatt Securities lowered their price target on Synopsys from $660.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, May 29th. KeyCorp upped their price target on Synopsys from $540.00 to $610.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. The Goldman Sachs Group assumed coverage on Synopsys in a report on Thursday, July 10th. They issued a “buy” rating and a $620.00 price target on the stock. Finally, Stifel Nicolaus set a $550.00 price target on Synopsys in a report on Monday, April 28th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Synopsys presently has an average rating of “Moderate Buy” and an average price target of $620.67.

Synopsys Stock Performance

SNPS stock traded up $4.45 during trading on Monday, hitting $589.21. The company had a trading volume of 351,986 shares, compared to its average volume of 1,410,158. The firm has a market cap of $91.42 billion, a PE ratio of 42.54, a price-to-earnings-growth ratio of 3.87 and a beta of 1.12. Synopsys has a 1-year low of $365.74 and a 1-year high of $600.90. The firm has a 50-day moving average price of $508.54 and a 200-day moving average price of $482.95. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.27. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the previous year, the firm posted $3.00 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts expect that Synopsys will post 10.64 earnings per share for the current year.

Insider Buying and Selling at Synopsys

In related news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the transaction, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the transaction, the chief financial officer owned 15,291 shares of the company’s stock, valued at $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,686 shares of company stock valued at $13,001,048 over the last three months. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synopsys

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cornerstone Planning Group LLC raised its holdings in shares of Synopsys by 275.0% during the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 44 shares during the last quarter. Saudi Central Bank bought a new stake in shares of Synopsys during the first quarter valued at approximately $26,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Synopsys by 441.7% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 53 shares during the last quarter. Independence Bank of Kentucky raised its holdings in shares of Synopsys by 120.0% during the second quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 30 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new stake in shares of Synopsys during the fourth quarter valued at approximately $29,000. 85.47% of the stock is currently owned by institutional investors and hedge funds.

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.