BidaskClub Upgrades Synopsys (NASDAQ:SNPS) to “Buy”

BidaskClub upgraded shares of Synopsys (NASDAQ:SNPS) from a hold rating to a buy rating in a report released on Wednesday morning, BidAskClub reports.

SNPS has been the subject of a number of other research reports. Robert W. Baird raised their price target on shares of Synopsys from $222.00 to $228.00 and gave the company an outperform rating in a report on Thursday, August 20th. Benchmark raised their price objective on shares of Synopsys from $190.00 to $220.00 and gave the company a buy rating in a research note on Thursday, August 20th. DA Davidson raised their price objective on shares of Synopsys from $200.00 to $230.00 in a research note on Thursday, August 20th. Wells Fargo & Company raised their price objective on shares of Synopsys from $220.00 to $230.00 and gave the company an overweight rating in a research note on Thursday, August 20th. Finally, Needham & Company LLC raised their price objective on shares of Synopsys from $175.00 to $215.00 and gave the company a buy rating in a research note on Thursday, August 20th. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $210.86.

Shares of Synopsys stock opened at $226.48 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.06 and a quick ratio of 0.99. The firm has a market cap of $34.37 billion, a P/E ratio of 56.06, a P/E/G ratio of 3.11 and a beta of 1.15. The firm has a 50 day simple moving average of $212.07 and a 200 day simple moving average of $185.84. Synopsys has a fifty-two week low of $104.90 and a fifty-two week high of $232.74.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, August 19th. The semiconductor company reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.40. The business had revenue of $964.10 million during the quarter, compared to analyst estimates of $894.23 million. Synopsys had a net margin of 17.88% and a return on equity of 14.66%. Synopsys’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.18 earnings per share. On average, sell-side analysts expect that Synopsys will post 4.16 EPS for the current year.

In related news, insider Joseph W. Logan sold 72,299 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $210.41, for a total value of $15,212,432.59. Also, CEO Chi-Foon Chan sold 198,961 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $211.79, for a total transaction of $42,137,950.19. Over the last three months, insiders have sold 305,630 shares of company stock worth $64,843,541. Insiders own 1.87% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Squar Milner Financial Services LLC lifted its position in Synopsys by 3.9% in the 2nd quarter. Squar Milner Financial Services LLC now owns 1,505 shares of the semiconductor company’s stock valued at $293,000 after acquiring an additional 56 shares in the last quarter. Conning Inc. lifted its position in Synopsys by 2.9% in the 2nd quarter. Conning Inc. now owns 2,046 shares of the semiconductor company’s stock valued at $399,000 after acquiring an additional 58 shares in the last quarter. Anderson Hoagland & Co. lifted its position in Synopsys by 0.9% in the 2nd quarter. Anderson Hoagland & Co. now owns 6,720 shares of the semiconductor company’s stock valued at $1,310,000 after acquiring an additional 60 shares in the last quarter. Cornerstone Advisors Inc. lifted its position in Synopsys by 15.8% in the 2nd quarter. Cornerstone Advisors Inc. now owns 535 shares of the semiconductor company’s stock valued at $104,000 after acquiring an additional 73 shares in the last quarter. Finally, Wealthfront Advisers LLC lifted its position in Synopsys by 1.1% in the 2nd quarter. Wealthfront Advisers LLC now owns 8,522 shares of the semiconductor company’s stock valued at $1,662,000 after acquiring an additional 95 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; Verification Continuum Platform, which provides 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.

See Also: Short Selling

Analyst Recommendations for Synopsys (NASDAQ:SNPS)

Receive News & Ratings for Synopsys Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synopsys and related companies with MarketBeat.com's FREE daily email newsletter.