Synopsys (NASDAQ:SNPS) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Analysts at Wells Fargo & Company initiated coverage on shares of Synopsys (NASDAQ:SNPS) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set an “equal weight” rating and a $570.00 price target on the semiconductor company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 2.20% from the company’s previous close.

Several other research analysts have also commented on the stock. Robert W. Baird upped their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Mizuho initiated coverage on shares of Synopsys in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective for the company. Loop Capital initiated coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. Rosenblatt Securities restated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $644.36.

Synopsys Stock Up 3.0 %

NASDAQ:SNPS opened at $557.73 on Friday. The company has a fifty day moving average of $519.28 and a 200 day moving average of $545.55. Synopsys has a 52 week low of $457.52 and a 52 week high of $629.38. The firm has a market capitalization of $85.67 billion, a P/E ratio of 57.86, a P/E/G ratio of 3.26 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the business posted $2.17 EPS. The firm’s revenue was up 12.7% compared to the same quarter last year. As a group, analysts anticipate that Synopsys will post 9.45 EPS for the current year.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its stake in Synopsys by 1.7% during the 3rd quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after acquiring an additional 119,057 shares during the period. Geode Capital Management LLC lifted its stake in shares of Synopsys by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company’s stock worth $1,656,005,000 after purchasing an additional 61,799 shares during the period. Edgewood Management LLC lifted its stake in shares of Synopsys by 18.9% in the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after purchasing an additional 487,025 shares during the period. Swedbank AB lifted its stake in shares of Synopsys by 1.4% in the 2nd quarter. Swedbank AB now owns 1,866,133 shares of the semiconductor company’s stock worth $1,110,461,000 after purchasing an additional 25,999 shares during the period. Finally, Van ECK Associates Corp lifted its stake 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 period. 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.