Synopsys (NASDAQ:SNPS) Now Covered by Analysts at Loop Capital

Loop Capital assumed coverage on shares of Synopsys (NASDAQ:SNPS) in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $675.00 price objective on the semiconductor company’s stock.

Several other research analysts have also commented on SNPS. Rosenblatt Securities reaffirmed a “buy” rating and set a $635.00 price target on shares of Synopsys in a research report on Friday, August 23rd. Mizuho began coverage on Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price target on the stock. Berenberg Bank began coverage on Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Tuesday, October 22nd. Finally, Robert W. Baird lifted their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $649.82.

Synopsys Stock Performance

Shares of NASDAQ SNPS opened at $557.96 on Monday. Synopsys has a fifty-two week low of $457.52 and a fifty-two week high of $629.38. The firm has a market capitalization of $85.71 billion, a PE ratio of 57.88, a price-to-earnings-growth ratio of 3.37 and a beta of 1.08. The stock’s 50-day simple moving average is $509.95 and its 200-day simple moving average is $545.30.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the company earned $2.17 EPS. The business’s quarterly revenue was up 12.7% on a year-over-year basis. On average, sell-side analysts forecast that Synopsys will post 9.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the sale, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On Synopsys

Institutional investors have recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC acquired a new position in Synopsys in the first quarter valued at $239,000. Davidson Capital Management Inc. increased its stake in Synopsys by 33,828.6% in the third quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock valued at $2,405,000 after purchasing an additional 4,736 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in Synopsys in the first quarter valued at $218,000. Harvest Portfolios Group Inc. increased its stake in Synopsys by 3.7% during the third quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock worth $21,330,000 after acquiring an additional 1,496 shares during the last quarter. Finally, Jacobs & Co. CA acquired a new stake in Synopsys during the third quarter worth about $10,554,000. 85.47% of the stock is currently 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.