Synopsys (NASDAQ:SNPS) Earns Buy Rating from Analysts at Loop Capital

Loop Capital initiated coverage on shares of Synopsys (NASDAQ:SNPS) in a research note published on Monday morning, MarketBeat reports. The brokerage issued a buy rating and a $675.00 price objective on the semiconductor company’s stock.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased 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. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Friday, August 23rd. Piper Sandler decreased their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird lifted their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $649.82.

Synopsys Price Performance

SNPS opened at $548.31 on Monday. The stock has a market cap of $84.23 billion, a P/E ratio of 57.57, a P/E/G ratio of 3.37 and a beta of 1.08. The firm has a fifty day moving average price of $511.56 and a 200 day moving average price of $545.39. Synopsys has a 1 year low of $457.52 and a 1 year high of $629.38.

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

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the sale, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $34,655,789.52. The trade was a 14.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SNPS. Atomi Financial Group Inc. raised its holdings in Synopsys by 53.8% during the first quarter. Atomi Financial Group Inc. now owns 632 shares of the semiconductor company’s stock worth $361,000 after purchasing an additional 221 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new stake in Synopsys in the first quarter valued at $218,000. Meeder Asset Management Inc. boosted its stake in Synopsys by 13.4% in the first quarter. Meeder Asset Management Inc. now owns 585 shares of the semiconductor company’s stock valued at $334,000 after acquiring an additional 69 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Synopsys by 22.7% during the first quarter. Avantax Advisory Services Inc. now owns 4,467 shares of the semiconductor company’s stock worth $2,553,000 after purchasing an additional 827 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Synopsys by 0.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,483 shares of the semiconductor company’s stock worth $19,136,000 after purchasing an additional 179 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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.