Synopsys (NASDAQ:SNPS) Rating Increased to Buy at Rosenblatt Securities

Synopsys (NASDAQ:SNPS) was upgraded by research analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat reports. The firm currently has a $560.00 target price on the semiconductor company’s stock, down from their prior target price of $605.00. Rosenblatt Securities’ target price would suggest a potential upside of 20.24% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Synopsys from $660.00 to $630.00 and set an “overweight” rating on the stock in a report on Wednesday, September 10th. Robert W. Baird reiterated a “neutral” rating and issued a $535.00 price target (down from $670.00) on shares of Synopsys in a research note on Wednesday, September 10th. JPMorgan Chase & Co. reduced their price objective on shares of Synopsys from $685.00 to $600.00 and set an “overweight” rating for the company in a research note on Wednesday, September 10th. Bank of America upgraded Synopsys from an “underperform” rating to a “neutral” rating and decreased their price objective for the company from $525.00 to $500.00 in a report on Monday. Finally, Citigroup began coverage on Synopsys in a report on Monday, November 24th. They set a “buy” rating and a $580.00 target price on the stock. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and a consensus target price of $550.67.

Synopsys Stock Down 0.2%

SNPS stock opened at $465.75 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.62 and a quick ratio of 1.51. The stock has a market capitalization of $86.51 billion, a P/E ratio of 36.56, a P/E/G ratio of 5.35 and a beta of 1.16. Synopsys has a fifty-two week low of $365.74 and a fifty-two week high of $651.73. The business has a 50-day moving average of $436.72 and a 200-day moving average of $505.11.

Synopsys (NASDAQ:SNPS) last released its earnings results on Tuesday, September 9th. The semiconductor company reported $2.30 EPS for the quarter, missing the consensus estimate of $3.75 by ($1.45). Synopsys had a net margin of 31.04% and a return on equity of 10.82%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm posted $3.43 EPS. The company’s revenue was up 14.0% on a year-over-year basis. On average, sell-side analysts anticipate that Synopsys will post 10.64 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In other Synopsys news, Director Robert G. Painter bought 350 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were acquired at an average cost of $425.44 per share, with a total value of $148,904.00. Following the acquisition, the director owned 2,291 shares of the company’s stock, valued at $974,683.04. The trade was a 18.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sudhindra Kankanwadi sold 9,873 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $500.90, for a total value of $4,945,385.70. Following the completion of the sale, the chief accounting officer owned 20,520 shares in the company, valued at approximately $10,278,468. This trade represents a 32.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.62% of the company’s stock.

Institutional Trading of Synopsys

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brighton Jones LLC raised its holdings in Synopsys by 5.7% in the 4th quarter. Brighton Jones LLC now owns 921 shares of the semiconductor company’s stock valued at $447,000 after acquiring an additional 50 shares during the period. Townsquare Capital LLC boosted its holdings in Synopsys by 5.1% in the 1st quarter. Townsquare Capital LLC now owns 5,802 shares of the semiconductor company’s stock valued at $2,488,000 after purchasing an additional 283 shares during the period. Benjamin Edwards Inc. grew its position in Synopsys by 96.2% during the first quarter. Benjamin Edwards Inc. now owns 1,197 shares of the semiconductor company’s stock worth $513,000 after buying an additional 587 shares in the last quarter. SouthState Corp increased its position in shares of Synopsys by 50.0% in the first quarter. SouthState Corp now owns 123 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 41 shares during the period. Finally, Meridian Wealth Management LLC acquired a new position in shares of Synopsys in the 1st quarter valued at approximately $524,000. Institutional investors own 85.47% of the company’s stock.

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.