Needham & Company LLC Reaffirms “Buy” Rating for Synopsys (NASDAQ:SNPS)

Needham & Company LLC reaffirmed their buy rating on shares of Synopsys (NASDAQ:SNPS) in a research report report published on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a $640.00 target price on the semiconductor company’s stock.

Other equities analysts have also issued reports about the stock. Berenberg Bank started coverage on shares of Synopsys in a research report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Robert W. Baird raised their price objective on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Piper Sandler reissued an “overweight” rating and issued a $687.00 price target on shares of Synopsys in a research note on Thursday, August 22nd. Finally, KeyCorp boosted their price target on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $643.00.

Synopsys Stock Up 0.4 %

Shares of NASDAQ:SNPS opened at $495.25 on Tuesday. The firm has a market capitalization of $76.08 billion, a PE ratio of 51.37, a P/E/G ratio of 3.44 and a beta of 1.08. Synopsys has a twelve month low of $448.91 and a twelve month high of $629.38. The company has a 50-day moving average price of $510.44 and a two-hundred day moving average price of $546.23.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the business earned $2.17 earnings per share. Synopsys’s revenue was up 12.7% compared to the same quarter last year. Analysts anticipate that Synopsys will post 9.45 earnings per share for the current fiscal year.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Synopsys

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC raised its holdings in Synopsys by 600.0% during the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 36 shares during the last quarter. Pacifica Partners Inc. bought a new position in Synopsys in the 3rd quarter worth $25,000. Tsfg LLC raised its holdings in Synopsys by 75.0% in the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 24 shares in the last quarter. Chris Bulman Inc bought a new position in Synopsys in the 2nd quarter worth $30,000. Finally, Fortitude Family Office LLC raised its holdings in Synopsys by 66.7% in the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 24 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors.

Synopsys Company Profile

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.