Synopsys (NASDAQ:SNPS) Price Target Cut to $590.00 by Analysts at Morgan Stanley

Synopsys (NASDAQ:SNPS) had its price objective cut by stock analysts at Morgan Stanley from $625.00 to $590.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Morgan Stanley’s target price suggests a potential upside of 24.25% from the stock’s current price.

SNPS has been the topic of several other research reports. Redburn Atlantic began coverage on shares of Synopsys in a report on Monday, January 13th. They issued a “buy” rating and a $600.00 target price on the stock. 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 report on Friday, December 6th. Loop Capital started coverage on Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a report on Thursday, December 5th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and an average price target of $637.50.

Synopsys Trading Down 3.9 %

NASDAQ SNPS opened at $474.84 on Monday. The firm has a market cap of $73.40 billion, a PE ratio of 32.70, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. Synopsys has a 1-year low of $457.52 and a 1-year high of $629.38. The stock has a 50-day moving average of $510.21 and a 200-day moving average of $517.67.

Insiders Place Their Bets

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the transaction, the executive now directly owns 1,460 shares of the company’s stock, valued at $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Synopsys

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Synopsys by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company’s stock worth $7,029,360,000 after buying an additional 120,575 shares during the last quarter. Capital World Investors increased its position in shares of Synopsys by 1.6% during the 4th quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company’s stock valued at $3,533,526,000 after purchasing an additional 114,893 shares during the last quarter. State Street Corp lifted its stake in shares of Synopsys by 1.7% in the 3rd quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock worth $3,518,637,000 after purchasing an additional 119,057 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Synopsys by 21.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock worth $2,864,933,000 after buying an additional 1,045,326 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Synopsys by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company’s stock valued at $1,625,230,000 after buying an additional 75,298 shares during the period. 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.