Synopsys, Inc. (NASDAQ:SNPS - Get Free Report)'s stock price was down 6.7% during trading on Wednesday . The stock traded as low as $497.18 and last traded at $489.92. Approximately 413,780 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 986,666 shares. The stock had previously closed at $525.00.
Wall Street Analysts Forecast Growth
SNPS has been the topic of a number of recent analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $635.00 target price on shares of Synopsys in a research report on Wednesday, December 4th. Robert W. Baird dropped their target price on shares of Synopsys from $644.00 to $630.00 and set an "outperform" rating for the company in a research report on Thursday, December 5th. Piper Sandler decreased their price target on Synopsys from $670.00 to $655.00 and set an "overweight" rating for the company in a research note on Friday, December 6th. Loop Capital started coverage on Synopsys in a report on Monday, November 11th. They set a "buy" rating and a $675.00 target price on the stock. Finally, Wells Fargo & Company lowered their price target on Synopsys from $570.00 to $540.00 and set an "equal weight" rating for the company in a report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Synopsys presently has a consensus rating of "Moderate Buy" and a consensus target price of $641.82.
Read Our Latest Stock Report on SNPS
Synopsys Price Performance
The firm has a market capitalization of $73.40 billion, a price-to-earnings ratio of 32.70, a PEG ratio of 3.28 and a beta of 1.12. The firm's fifty day moving average is $510.88 and its 200 day moving average is $517.44.
Insider Activity
In other news, CRO Richard S. Mahoney sold 20,838 shares of the firm's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the sale, the executive now directly owns 1,460 shares of the company's stock, valued at $738,774.60. This trade represents a 93.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Synopsys
A number of hedge funds have recently added to or reduced their stakes in SNPS. Foundations Investment Advisors LLC increased its stake in shares of Synopsys by 2.5% during the 3rd quarter. Foundations Investment Advisors LLC now owns 1,368 shares of the semiconductor company's stock worth $693,000 after purchasing an additional 33 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Synopsys by 14.5% during the third quarter. Sequoia Financial Advisors LLC now owns 6,016 shares of the semiconductor company's stock worth $3,046,000 after buying an additional 760 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in Synopsys by 31.1% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,032 shares of the semiconductor company's stock valued at $523,000 after buying an additional 245 shares in the last quarter. Greenleaf Trust lifted its position in shares of Synopsys by 19.2% in the third quarter. Greenleaf Trust now owns 6,343 shares of the semiconductor company's stock worth $3,212,000 after buying an additional 1,023 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Synopsys by 57,616.1% during the 3rd quarter. International Assets Investment Management LLC now owns 239,522 shares of the semiconductor company's stock worth $121,292,000 after acquiring an additional 239,107 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company's stock.
About Synopsys
(
Get Free Report)
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.
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