Analysts Set Synopsys, Inc. (NASDAQ:SNPS) PT at $649.82

Shares of Synopsys, Inc. (NASDAQ:SNPS) have been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $644.36.

Several brokerages recently weighed in on SNPS. Needham & Company LLC restated a “buy” rating and set a $640.00 target price on shares of Synopsys in a research note on Tuesday, October 22nd. Robert W. Baird boosted their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. JPMorgan Chase & Co. increased their price objective on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Mizuho started coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 target price on the stock. Finally, Piper Sandler decreased their price target on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a report on Thursday, October 24th.

Synopsys Trading Down 0.6 %

NASDAQ SNPS opened at $561.87 on Tuesday. The firm’s fifty day simple moving average is $522.05 and its two-hundred day simple moving average is $545.71. The firm has a market capitalization of $86.31 billion, a P/E ratio of 58.29, a P/E/G ratio of 3.45 and a beta of 1.08. Synopsys has a 12-month low of $457.52 and a 12-month high of $629.38.

Institutional Investors Weigh In On Synopsys

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC acquired a new stake in Synopsys during the first quarter worth about $239,000. O Shaughnessy Asset Management LLC grew its stake in shares of Synopsys by 13.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,656 shares of the semiconductor company’s stock worth $9,519,000 after purchasing an additional 1,929 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Synopsys by 158.4% during the 1st quarter. Clearbridge Investments LLC now owns 204,677 shares of the semiconductor company’s stock valued at $116,973,000 after purchasing an additional 125,464 shares in the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of Synopsys by 33.9% in the 1st quarter. Lake Street Advisors Group LLC now owns 872 shares of the semiconductor company’s stock valued at $498,000 after purchasing an additional 221 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Synopsys during the first quarter worth $29,985,000. 85.47% of the stock is 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.