DA Davidson reaffirmed their buy rating on shares of Synopsys Inc. (NASDAQ:SNPS) in a research note published on Wednesday morning. They currently have a $75.00 price objective on the stock, up from their previous price objective of $64.00.
Other equities research analysts also recently issued research reports about the company. Needham & Company LLC increased their price objective on Synopsys from $54.00 to $60.00 and gave the company a buy rating in a report on Thursday, August 18th. Zacks Investment Research upgraded Synopsys from a hold rating to a buy rating and set a $61.00 price target on the stock in a research note on Tuesday, July 12th. Benchmark Co. increased their price target on Synopsys from $50.00 to $60.00 and gave the company a hold rating in a research note on Thursday, August 18th. KeyCorp increased their price target on Synopsys from $60.00 to $64.00 and gave the company an overweight rating in a research note on Thursday, August 18th. Finally, Pacific Crest increased their price target on Synopsys from $60.00 to $64.00 and gave the company an overweight rating in a research note on Thursday, August 18th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Synopsys currently has a consensus rating of Buy and an average target price of $62.38.
Synopsys (NASDAQ:SNPS) traded down 0.94% on Wednesday, reaching $59.20. The company’s stock had a trading volume of 130,520 shares. Synopsys has a 12-month low of $39.26 and a 12-month high of $61.36. The company’s 50 day moving average price is $59.13 and its 200-day moving average price is $53.61. The stock has a market cap of $8.96 billion, a PE ratio of 37.76 and a beta of 0.89.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, August 17th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Synopsys had a return on equity of 12.15% and a net margin of 10.27%. The firm earned $615.20 million during the quarter, compared to the consensus estimate of $602.89 million. During the same quarter in the prior year, the firm posted $0.63 EPS. The business’s revenue was up 10.7% on a year-over-year basis. On average, equities analysts expect that Synopsys will post $3.02 EPS for the current year.
In related news, VP Sudhindra Kankanwadi sold 3,409 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $58.55, for a total value of $199,596.95. Following the transaction, the vice president now owns 4,148 shares in the company, valued at $242,865.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Chi-Foon Chan sold 2,000 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $58.23, for a total value of $116,460.00. Following the completion of the transaction, the chief executive officer now owns 193,935 shares in the company, valued at approximately $11,292,835.05. The disclosure for this sale can be found here. Company insiders own 1.62% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Mizuho Asset Management Co. Ltd. boosted its position in shares of Synopsys by 43.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,963 shares of the company’s stock worth $106,000 after buying an additional 590 shares during the last quarter. Creative Planning boosted its position in shares of Synopsys by 17.2% in the third quarter. Creative Planning now owns 1,884 shares of the company’s stock worth $112,000 after buying an additional 276 shares during the last quarter. Advisor Group Inc. bought a new position in shares of Synopsys during the second quarter worth approximately $130,000. Invictus RG boosted its position in shares of Synopsys by 751.3% in the first quarter. Invictus RG now owns 2,869 shares of the company’s stock worth $139,000 after buying an additional 2,532 shares during the last quarter. Finally, Calamos Advisors LLC bought a new position in shares of Synopsys during the second quarter worth approximately $211,000. Institutional investors own 91.01% of the company’s stock.
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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