Synopsys (NASDAQ:SNPS) Price Target Cut to $653.00 by Analysts at Piper Sandler

Synopsys (NASDAQ:SNPS) had its price objective dropped by analysts at Piper Sandler from $655.00 to $653.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s target price indicates a potential upside of 39.98% from the company’s previous close.

Several other brokerages have also recently commented on SNPS. Loop Capital started coverage on shares of Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. Wells Fargo & Company lowered their price target on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a report on Thursday. Morgan Stanley reduced their price target on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research report on Monday. Robert W. Baird reduced their target price on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $650.00 target price on shares of Synopsys in a research note on Thursday. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $638.58.

Synopsys Stock Performance

Synopsys stock traded down $3.97 during midday trading on Thursday, hitting $466.49. 890,225 shares of the company’s stock were exchanged, compared to its average volume of 1,102,467. Synopsys has a 12-month low of $457.00 and a 12-month high of $624.80. The stock has a market cap of $72.11 billion, a price-to-earnings ratio of 32.04, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. The firm’s 50 day simple moving average is $507.61 and its 200 day simple moving average is $516.56.

Insiders Place Their Bets

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the transaction, the executive now owns 1,460 shares in the company, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Synopsys

Several institutional investors have recently modified their holdings of the business. Kieckhefer Group LLC bought a new stake in Synopsys in the 4th quarter valued at approximately $27,000. Ameriflex Group Inc. acquired a new position in shares of Synopsys during the 4th quarter worth approximately $29,000. Whipplewood Advisors LLC acquired a new position in shares of Synopsys during the 4th quarter worth approximately $33,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Synopsys during the 4th quarter worth approximately $34,000. Finally, Hazlett Burt & Watson Inc. boosted its stake in Synopsys by 40.0% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 20 shares during the period. Institutional investors 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.