Synopsys (NASDAQ:SNPS) Price Target Cut to $520.00 by Analysts at Wells Fargo & Company

Synopsys (NASDAQ:SNPS) had its target price reduced by investment analysts at Wells Fargo & Company from $540.00 to $520.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 10.53% from the stock’s current price.

Other analysts also recently issued research reports about the company. Morgan Stanley lowered their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research note on Monday. Needham & Company LLC restated a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research note on Thursday, December 5th. Piper Sandler lowered their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Redburn Atlantic started coverage on Synopsys in a research note on Monday, January 13th. They issued a “buy” rating and a $600.00 target price on the stock. Finally, Robert W. Baird lowered their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Synopsys has a consensus rating of “Moderate Buy” and a consensus price target of $637.92.

Synopsys Stock Performance

Shares of SNPS stock opened at $470.46 on Thursday. The stock’s 50-day simple moving average is $507.61 and its 200-day simple moving average is $516.56. The firm has a market capitalization of $72.72 billion, a PE ratio of 32.40, a P/E/G ratio of 3.23 and a beta of 1.12. Synopsys has a fifty-two week low of $457.00 and a fifty-two week high of $624.80.

Insider Activity

In related news, CRO Richard S. Mahoney sold 20,838 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the completion of the sale, the executive now owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.62% 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 business. Kieckhefer Group LLC acquired a new stake in shares of Synopsys in the fourth quarter valued at $27,000. Ameriflex Group Inc. purchased a new position in Synopsys in the fourth quarter valued at $29,000. Whipplewood Advisors LLC purchased a new stake in Synopsys during the 4th quarter worth about $33,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in Synopsys during the 4th quarter worth about $34,000. Finally, Hazlett Burt & Watson Inc. lifted its holdings in Synopsys by 40.0% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds 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.