Synopsys (NASDAQ:SNPS) PT Raised to $690.00 at KeyCorp

Synopsys (NASDAQ:SNPS) had its target price hoisted by analysts at KeyCorp from $675.00 to $690.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price suggests a potential upside of 15.95% from the company’s current price.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Rosenblatt Securities reiterated a “buy” rating and issued a $615.00 target price on shares of Synopsys in a report on Thursday, May 23rd. Piper Sandler restated an “overweight” rating and set a $672.00 price objective (up previously from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. Needham & Company LLC restated a “buy” rating and set a $660.00 price objective on shares of Synopsys in a report on Thursday, May 23rd. Finally, Robert W. Baird boosted their price objective on shares of Synopsys from $640.00 to $645.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys has an average rating of “Buy” and a consensus price target of $624.36.

Synopsys Price Performance

Shares of SNPS opened at $595.06 on Thursday. The company has a market capitalization of $91.18 billion, a PE ratio of 64.68, a price-to-earnings-growth ratio of 3.86 and a beta of 1.08. Synopsys has a one year low of $418.51 and a one year high of $629.38. The company’s fifty day moving average price is $569.90 and its 200 day moving average price is $556.47.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing the consensus estimate of $3.03 by ($0.03). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The business’s revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.76 EPS. Analysts anticipate that Synopsys will post 9.66 earnings per share for the current year.

Insider Activity

In other news, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider John F. Runkel, Jr. sold 936 shares of Synopsys stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $11,339,400. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the sale, the insider now owns 20,000 shares in the company, valued at $11,587,400. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,658 shares of company stock worth $20,970,824. Corporate insiders own 0.66% of the company’s stock.

Institutional Trading of Synopsys

Several institutional investors have recently made changes to their positions in the business. Bay Harbor Wealth Management LLC acquired a new position in Synopsys in the first quarter valued at about $26,000. University of Texas Texas AM Investment Managment Co. acquired a new position in Synopsys in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp boosted its position in Synopsys by 233.3% in the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 42 shares in the last quarter. Activest Wealth Management acquired a new position in Synopsys in the first quarter valued at about $35,000. Finally, Hazlett Burt & Watson Inc. boosted its position in Synopsys by 40.0% in the first quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 20 shares in the last quarter. 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.