Piper Sandler Has Lowered Expectations for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS - Free Report) had its price objective reduced by Piper Sandler from $670.00 to $655.00 in a research note released on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the semiconductor company's stock.

SNPS has been the topic of a number of other research reports. Robert W. Baird cut their price objective on Synopsys from $644.00 to $630.00 and set an "outperform" rating on the stock in a research report on Thursday. JPMorgan Chase & Co. lifted their price objective on Synopsys from $655.00 to $685.00 and gave the company an "overweight" rating in a research note on Thursday, August 22nd. Wells Fargo & Company initiated coverage on shares of Synopsys in a research note on Friday, November 22nd. They set an "equal weight" rating and a $570.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $640.00 price target on shares of Synopsys in a research note on Thursday. Finally, Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They set a "buy" rating and a $675.00 price target for the company. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Synopsys presently has a consensus rating of "Moderate Buy" and an average target price of $649.00.

Synopsys Price Performance

Shares of SNPS stock traded up $1.99 on Friday, hitting $517.28. The stock had a trading volume of 2,334,843 shares, compared to its average volume of 807,109. The company's 50 day moving average price is $529.85 and its 200-day moving average price is $545.47. Synopsys has a 1 year low of $457.52 and a 1 year high of $629.38. The firm has a market capitalization of $79.46 billion, a P/E ratio of 35.63, a P/E/G ratio of 3.59 and a beta of 1.08.

Institutional Trading of Synopsys

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parnassus Investments LLC purchased a new stake in Synopsys in the 3rd quarter valued at $633,469,000. Sustainable Growth Advisers LP acquired a new position in Synopsys in the second quarter valued at $572,050,000. Edgewood Management LLC increased its stake in Synopsys by 18.9% in the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company's stock valued at $1,554,540,000 after purchasing an additional 487,025 shares during the period. Van ECK Associates Corp raised its holdings in shares of Synopsys by 26.5% in the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company's stock valued at $791,923,000 after buying an additional 335,993 shares during the last quarter. Finally, Impax Asset Management Group plc boosted its stake in shares of Synopsys by 120.2% during the third quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company's stock worth $248,497,000 after buying an additional 267,836 shares during the period. 85.47% of the stock is owned by hedge funds and other 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.