Synopsys (NASDAQ:SNPS) Hits New 12-Month Low - Here's Why

Synopsys, Inc. (NASDAQ:SNPS - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $442.95 and last traded at $443.05, with a volume of 1475941 shares changing hands. The stock had previously closed at $457.28.

Analysts Set New Price Targets

Several analysts have issued reports on SNPS shares. Wells Fargo & Company decreased their price target on shares of Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Morgan Stanley decreased their target price on Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a research report on Monday, February 24th. Robert W. Baird cut their price target on Synopsys from $644.00 to $630.00 and set an "outperform" rating for the company in a report on Thursday, December 5th. Piper Sandler decreased their price objective on Synopsys from $655.00 to $653.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Finally, Loop Capital began coverage on Synopsys in a research report on Monday, November 11th. They set a "buy" rating and a $675.00 price objective on the stock. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $638.58.

Synopsys Price Performance

The stock has a market capitalization of $69.72 billion, a price-to-earnings ratio of 31.05, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16. The firm has a 50 day simple moving average of $502.01 and a 200-day simple moving average of $513.09.

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Insider Transactions at Synopsys

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the transaction, the executive now directly owns 1,460 shares of the company's stock, valued at $738,774.60. The trade was a 93.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 70,922 shares in the company, 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 owned by insiders.

Hedge Funds Weigh In On Synopsys

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Impax Asset Management Group plc lifted its position in Synopsys by 120.2% during the 3rd 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 in the last quarter. United Advisor Group LLC bought a new position in shares of Synopsys in the third quarter worth about $211,000. Catalina Capital Group LLC lifted its position in shares of Synopsys by 4.0% during the third quarter. Catalina Capital Group LLC now owns 779 shares of the semiconductor company's stock worth $394,000 after purchasing an additional 30 shares in the last quarter. Concurrent Investment Advisors LLC grew its stake in shares of Synopsys by 115.5% during the third quarter. Concurrent Investment Advisors LLC now owns 929 shares of the semiconductor company's stock valued at $471,000 after purchasing an additional 498 shares during the last quarter. Finally, M&G PLC grew its stake in shares of Synopsys by 9.0% during the third quarter. M&G PLC now owns 3,213 shares of the semiconductor company's stock valued at $1,626,000 after purchasing an additional 266 shares during the last quarter. Institutional investors and hedge funds 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.