Synopsys (NASDAQ:SNPS) Hits New 52-Week High – Still a Buy?

Shares of Synopsys, Inc. (NASDAQ:SNPS) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $618.49 and last traded at $614.42, with a volume of 2002257 shares trading hands. The stock had previously closed at $615.13.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SNPS shares. The Goldman Sachs Group started coverage on Synopsys in a research note on Thursday, July 10th. They issued a “buy” rating and a $620.00 target price on the stock. Stifel Nicolaus set a $550.00 target price on Synopsys in a research note on Monday, April 28th. KeyCorp upped their target price on Synopsys from $540.00 to $610.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Mizuho reduced their target price on Synopsys from $650.00 to $600.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Finally, Rosenblatt Securities upped their target price on Synopsys from $625.00 to $650.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Synopsys has an average rating of “Moderate Buy” and an average target price of $622.33.

Synopsys Trading Down 1.3%

The firm has a market capitalization of $93.34 billion, a price-to-earnings ratio of 43.43, a P/E/G ratio of 4.03 and a beta of 1.12. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02. The business has a fifty day moving average price of $517.83 and a 200 day moving average price of $486.98.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.27. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.00 EPS. As a group, equities analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Insider Transactions at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the completion of the sale, the chief executive officer directly owned 71,589 shares of the company’s stock, valued at approximately $32,782,750.77. This represents a 13.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of the company’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the sale, the chief financial officer directly owned 15,291 shares of the company’s stock, valued at approximately $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 sold a total of 27,686 shares of company stock worth $13,001,048 in the last ninety days. Insiders own 0.62% of the company’s stock.

Institutional Trading of Synopsys

A number of institutional investors have recently added to or reduced their stakes in SNPS. Cornerstone Planning Group LLC boosted its position in Synopsys by 275.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 44 shares during the period. Saudi Central Bank purchased a new stake in Synopsys during the 1st quarter worth $26,000. Clal Insurance Enterprises Holdings Ltd boosted its position in Synopsys by 441.7% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 53 shares during the period. Independence Bank of Kentucky boosted its position in Synopsys by 120.0% during the 2nd quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 30 shares during the period. Finally, Ameriflex Group Inc. purchased a new stake in Synopsys during the 4th quarter worth $29,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

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.