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

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

Other analysts have also issued research reports about the stock. Loop Capital assumed coverage on shares of Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. Berenberg Bank started coverage on shares of Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price for the company. Piper Sandler reduced their target price on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research note on Friday, August 23rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Synopsys presently has an average rating of “Moderate Buy” and an average price target of $644.36.

Synopsys Price Performance

SNPS opened at $557.73 on Friday. The company’s 50-day moving average is $519.28 and its 200 day moving average is $545.55. 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 $85.67 billion, a P/E ratio of 57.86, a PEG ratio of 3.26 and a beta of 1.08.

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

Hedge Funds Weigh In On Synopsys

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Davidson Capital Management Inc. lifted its holdings in shares of Synopsys by 33,828.6% in the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock worth $2,405,000 after acquiring an additional 4,736 shares during the last quarter. Harvest Portfolios Group Inc. lifted its holdings in shares of Synopsys by 3.7% in the 3rd 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. Parnassus Investments LLC bought a new stake in shares of Synopsys in the 3rd quarter worth approximately $633,469,000. Swiss National Bank lifted its holdings in shares of Synopsys by 0.7% in the 3rd quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock worth $230,306,000 after acquiring an additional 3,200 shares during the last quarter. Finally, Jacobs & Co. CA bought a new stake in shares of Synopsys in the 3rd quarter worth approximately $10,554,000. Hedge funds and other 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.