Wells Fargo & Company Issues Pessimistic Forecast for Synopsys (NASDAQ:SNPS) Stock Price

Synopsys (NASDAQ:SNPS - Free Report) had its price objective lowered by Wells Fargo & Company from $570.00 to $540.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company's stock.

Other research analysts have also issued research reports about the company. Mizuho began coverage on Synopsys in a research report on Tuesday, October 22nd. They set an "outperform" rating and a $650.00 price target for the company. Rosenblatt Securities restated a "buy" rating and set a $635.00 target price on shares of Synopsys in a report on Wednesday, December 4th. Loop Capital began coverage on shares of Synopsys in a report on Monday, November 11th. They issued a "buy" rating and a $675.00 price target on the stock. Redburn Atlantic initiated coverage on shares of Synopsys in a report on Monday. They issued a "buy" rating and a $600.00 price objective for the company. Finally, Piper Sandler dropped their target price on shares of Synopsys from $670.00 to $655.00 and set an "overweight" rating for the company in a research report on Friday, December 6th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $641.82.

Synopsys Trading Down 1.0 %

Shares of SNPS stock traded down $5.11 during mid-day trading on Monday, reaching $487.43. The stock had a trading volume of 890,831 shares, compared to its average volume of 1,018,390. The stock's 50-day moving average price is $522.84 and its two-hundred day moving average price is $528.17. The firm has a market capitalization of $75.35 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 3.41 and a beta of 1.12. Synopsys has a 52-week low of $457.52 and a 52-week high of $629.38.

Hedge Funds Weigh In On Synopsys

A number of institutional investors and hedge funds have recently made changes to their positions in SNPS. Parnassus Investments LLC purchased a new position in Synopsys during the third quarter valued at $633,469,000. Edgewood Management LLC increased its holdings in shares of Synopsys by 18.9% during 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 acquiring an additional 487,025 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Synopsys by 26.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company's stock worth $791,923,000 after purchasing an additional 335,993 shares during the last quarter. Impax Asset Management Group plc boosted its stake in Synopsys by 120.2% in the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company's stock worth $248,497,000 after purchasing an additional 267,836 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in Synopsys by 32.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company's stock valued at $531,056,000 after purchasing an additional 257,526 shares during the last quarter. Institutional investors 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.