Synopsys (NASDAQ:SNPS) Given New $600.00 Price Target at Mizuho

Synopsys (NASDAQ:SNPS - Get Free Report) had its price target dropped by investment analysts at Mizuho from $650.00 to $600.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the semiconductor company's stock. Mizuho's price target suggests a potential upside of 45.17% from the stock's current price.

Other research analysts have also recently issued reports about the company. Needham & Company LLC reissued a "buy" rating and issued a $650.00 target price on shares of Synopsys in a research note on Thursday, February 27th. Morgan Stanley reduced their price objective on Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a research report on Monday, February 24th. 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 note on Thursday, February 27th. Piper Sandler decreased their price target on shares of Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $660.00 price objective on shares of Synopsys in a research report on Tuesday, February 25th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $618.31.

Synopsys Stock Performance

SNPS traded down $2.33 during midday trading on Tuesday, reaching $413.32. 1,002,399 shares of the company were exchanged, compared to its average volume of 1,091,650. The stock's 50-day simple moving average is $446.35 and its 200 day simple moving average is $495.11. Synopsys has a one year low of $365.74 and a one year high of $624.80. The stock has a market capitalization of $63.91 billion, a P/E ratio of 28.47, a PEG ratio of 3.23 and a beta of 1.23.

Insider Activity

In other 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 transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Geus Aart De sold 15,705 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 116,671 shares in the company, valued at $51,850,925.82. This represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synopsys

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

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.