Synopsys (NASDAQ:SNPS) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Synopsys (NASDAQ:SNPS) in a research note published on Thursday morning,Benzinga reports. The firm currently has a $650.00 price objective on the semiconductor company’s stock.

Other analysts also recently issued reports about the stock. Morgan Stanley reduced their target price on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research report on Monday. Wells Fargo & Company reduced their target price on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research report on Thursday. Piper Sandler reduced their target price on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. Loop Capital began coverage on shares of Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price on the stock. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Synopsys presently has an average rating of “Moderate Buy” and a consensus target price of $638.58.

Synopsys Trading Down 3.3 %

Shares of NASDAQ SNPS opened at $454.71 on Thursday. The firm has a fifty day simple moving average of $506.84 and a two-hundred day simple moving average of $516.13. The firm has a market capitalization of $70.29 billion, a PE ratio of 31.32, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. Synopsys has a 12 month low of $454.05 and a 12 month high of $624.80.

Insider Activity at Synopsys

In other news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction dated 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 sale, the executive now owns 1,460 shares of the company’s stock, valued at $738,774.60. This trade represents a 93.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.62% of the stock is currently owned by insiders.

Institutional Trading of Synopsys

Institutional investors have recently made changes to their positions in the stock. Peloton Wealth Strategists boosted its holdings in shares of Synopsys by 221.2% during the 3rd quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock valued at $1,459,000 after acquiring an additional 1,984 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Synopsys by 0.7% during the 3rd quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock valued at $230,306,000 after acquiring an additional 3,200 shares during the last quarter. Parnassus Investments LLC purchased a new stake in shares of Synopsys during the 3rd quarter valued at about $633,469,000. Harvest Portfolios Group Inc. boosted its holdings in shares of Synopsys by 3.7% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock valued at $21,330,000 after acquiring an additional 1,496 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Synopsys by 15.9% in the 4th quarter. Nordea Investment Management AB now owns 1,043,995 shares of the semiconductor company’s stock worth $509,261,000 after purchasing an additional 143,284 shares during the period. Hedge funds and other 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.