Bank of America Lowers Synopsys (NASDAQ:SNPS) Price Target to $560.00

Synopsys (NASDAQ:SNPS - Free Report) had its target price decreased by Bank of America from $630.00 to $560.00 in a report released on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the semiconductor company's stock.

Other research analysts have also recently issued reports about the company. Mizuho reduced their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research note on Tuesday. Rosenblatt Securities restated a "buy" rating and set a $660.00 price target on shares of Synopsys in a research report on Tuesday, February 25th. Redburn Atlantic initiated coverage on Synopsys in a report on Monday, January 13th. They issued a "buy" rating and a $600.00 price objective for the company. Piper Sandler lowered their price objective on Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Finally, Wells Fargo & Company decreased their price target on shares of Synopsys from $540.00 to $520.00 and set an "equal weight" rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $618.31.

Synopsys Price Performance

SNPS stock traded down $2.33 during mid-day trading on Wednesday, hitting $413.32. 1,002,399 shares of the stock were exchanged, compared to its average volume of 1,091,650. The business has a fifty day moving average price of $446.35 and a 200 day moving average price of $495.11. The stock has a market capitalization of $63.91 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 3.23 and a beta of 1.23. Synopsys has a 12 month low of $365.74 and a 12 month high of $624.80.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $463.75, for a total value of $5,270,982.50. Following the completion of the transaction, the chief executive officer now owns 70,922 shares of the company's stock, valued at approximately $32,890,077.50. The trade was a 13.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Geus Aart De sold 15,705 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the sale, the insider now directly owns 116,671 shares in the company, valued at approximately $51,850,925.82. The trade was a 11.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.62% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SNPS. Kieckhefer Group LLC purchased a new stake in shares of Synopsys in the fourth quarter worth $27,000. Ameriflex Group Inc. purchased a new stake in shares of Synopsys during the 4th quarter worth approximately $29,000. Whipplewood Advisors LLC purchased a new position in shares of Synopsys in the 4th quarter worth $33,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Synopsys during the fourth quarter worth approximately $34,000. Finally, Sierra Ocean LLC purchased a new stake in Synopsys during the 4th quarter valued at $39,000. 85.47% of the stock is currently owned by 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.