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

Synopsys (NASDAQ:SNPS - Free Report) had its target price trimmed by KeyCorp from $690.00 to $555.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the semiconductor company's stock.

A number of other equities analysts have also issued reports on the stock. Piper Sandler dropped their target price on shares of Synopsys from $655.00 to $653.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Mizuho cut their target price on Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday. Morgan Stanley decreased their price target on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a research note on Monday, February 24th. Needham & Company LLC restated a "buy" rating and issued a $650.00 price objective on shares of Synopsys in a research note on Thursday, February 27th. Finally, Redburn Atlantic started coverage on shares of Synopsys in a research note on Monday, January 13th. They issued a "buy" rating and a $600.00 target price on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Synopsys has an average rating of "Moderate Buy" and a consensus price target of $618.31.

Synopsys Stock Performance

Shares of SNPS traded down $2.33 during trading hours on Tuesday, hitting $413.32. 1,002,399 shares of the company were exchanged, compared to its average volume of 1,091,650. The firm's 50 day moving average is $448.67 and its 200-day moving average is $495.67. Synopsys has a 52 week low of $365.74 and a 52 week high of $624.80. The company has a market cap of $63.91 billion, a PE ratio of 28.47, a PEG ratio of 3.23 and a beta of 1.23.

Insider Activity at Synopsys

In other news, 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 value of $6,979,616.10. Following the transaction, the insider now owns 116,671 shares of the company's stock, valued at approximately $51,850,925.82. This trade represents a 11.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 70,922 shares of the company's stock, valued at approximately $32,890,077.50. This trade represents a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.

Institutional Trading of Synopsys

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Synopsys by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company's stock worth $7,029,360,000 after purchasing an additional 120,575 shares during the period. Capital World Investors lifted its holdings in Synopsys by 1.6% during the fourth quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company's stock worth $3,533,526,000 after acquiring an additional 114,893 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Synopsys by 21.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company's stock valued at $2,864,933,000 after acquiring an additional 1,045,326 shares during the period. Geode Capital Management LLC raised its position in shares of Synopsys by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company's stock worth $1,625,230,000 after purchasing an additional 75,298 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Synopsys by 26.2% during the 4th quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company's stock valued at $916,441,000 after purchasing an additional 391,681 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

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.