Synopsys, Inc. (NASDAQ:SNPS) Given Consensus Recommendation of "Buy" by Brokerages

Synopsys, Inc. (NASDAQ:SNPS - Get Free Report) has earned an average rating of "Buy" from the eleven research firms that are currently covering the firm, MarketBeat Ratings reports. Eleven analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $649.82.

A number of analysts recently issued reports on SNPS shares. Rosenblatt Securities reiterated a "buy" rating and issued a $635.00 price target on shares of Synopsys in a report on Friday, August 23rd. Robert W. Baird upped their price target on shares of Synopsys from $661.00 to $663.00 and gave the stock an "outperform" rating in a research report on Thursday, August 22nd. Needham & Company LLC restated a "buy" rating and set a $640.00 target price on shares of Synopsys in a report on Tuesday, October 22nd. Mizuho started coverage on Synopsys in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $650.00 price target on the stock. Finally, Piper Sandler decreased their price objective on Synopsys from $687.00 to $670.00 and set an "overweight" rating for the company in a research note on Thursday, October 24th.

Synopsys Stock Up 1.9 %

SNPS traded up $10.04 during trading hours on Tuesday, reaching $534.02. 570,827 shares of the company's stock traded hands, compared to its average volume of 1,057,257. The firm has a 50-day moving average price of $515.34 and a 200 day moving average price of $545.52. Synopsys has a 52-week low of $457.52 and a 52-week high of $629.38. The firm has a market capitalization of $82.03 billion, a PE ratio of 54.35, a PEG ratio of 3.18 and a beta of 1.08.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping analysts' consensus estimates of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same period in the prior year, the business posted $2.17 earnings per share. The business's revenue for the quarter was up 12.7% on a year-over-year basis. Equities analysts predict that Synopsys will post 9.45 EPS for the current fiscal year.

Insider Activity at Synopsys

In related news, CEO Sassine Ghazi sold 10,293 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of the transaction, the chief executive officer now owns 62,568 shares in the company, valued at $34,655,789.52. This trade represents a 14.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. ORG Partners LLC increased its holdings in Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company's stock worth $25,000 after buying an additional 36 shares during the period. Chris Bulman Inc acquired a new stake in shares of Synopsys in the second quarter worth $30,000. Pacifica Partners Inc. purchased a new position in shares of Synopsys during the third quarter worth $25,000. Tsfg LLC lifted its position in Synopsys by 75.0% during the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 24 shares during the period. Finally, Fortitude Family Office LLC boosted its holdings in Synopsys by 66.7% in the second quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company's stock valued at $36,000 after purchasing an additional 24 shares during the last quarter. 85.47% of the stock is 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.