Robert W. Baird Increases Synopsys (NASDAQ:SNPS) Price Target to $661.00

Synopsys (NASDAQ:SNPS) had its target price upped by stock analysts at Robert W. Baird from $645.00 to $661.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Robert W. Baird’s price objective suggests a potential upside of 8.90% from the company’s current price.

Several other analysts also recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research note on Thursday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $672.00 target price (up previously from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. KeyCorp lifted their target price on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, JPMorgan Chase & Co. lifted their target price on Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $625.82.

Synopsys Stock Down 0.4 %

Shares of Synopsys stock opened at $606.99 on Tuesday. The stock’s fifty day moving average is $573.27 and its 200-day moving average is $557.04. The firm has a market capitalization of $93.00 billion, a PE ratio of 65.98, a price-to-earnings-growth ratio of 3.84 and a beta of 1.07. Synopsys has a 12-month low of $418.51 and a 12-month high of $629.38.

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

Insider Activity

In other news, insider Geus Aart De sold 5,893 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $602.00, for a total transaction of $3,547,586.00. Following the completion of the sale, the insider now directly owns 106,983 shares in the company, valued at approximately $64,403,766. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Synopsys news, insider Geus Aart De sold 5,893 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $602.00, for a total value of $3,547,586.00. Following the completion of the transaction, the insider now owns 106,983 shares of the company’s stock, valued at approximately $64,403,766. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.41, for a total value of $5,995,328.54. Following the completion of the transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $36,440,228.88. The disclosure for this sale can be found here. In the last three months, insiders sold 36,232 shares of company stock worth $21,436,741. 0.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synopsys

A number of institutional investors and hedge funds have recently bought and sold shares of the company. abrdn plc increased its stake in shares of Synopsys by 56.9% in the fourth quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock valued at $43,442,000 after buying an additional 30,581 shares during the period. Bridgefront Capital LLC bought a new stake in shares of Synopsys during the 4th quarter valued at about $951,000. Vanguard Group Inc. boosted its position in shares of Synopsys by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock valued at $6,977,593,000 after purchasing an additional 203,601 shares in the last quarter. Simplicity Solutions LLC boosted its position in shares of Synopsys by 55.5% during the 4th quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock valued at $2,219,000 after purchasing an additional 1,539 shares in the last quarter. Finally, Comerica Bank bought a new stake in shares of Synopsys during the 3rd quarter valued at about $14,203,000. Institutional investors and hedge funds 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.