Synopsys (NASDAQ:SNPS) Price Target Lowered to $555.00 at KeyCorp

Synopsys (NASDAQ:SNPS) had its target price cut by research analysts at KeyCorp from $690.00 to $555.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target would suggest a potential upside of 29.62% from the stock’s previous close.

A number of other brokerages have also weighed in on SNPS. Redburn Atlantic began coverage on shares of Synopsys in a report on Monday, January 13th. They issued a “buy” rating and a $600.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $650.00 target price on shares of Synopsys in a research note on Thursday, February 27th. Mizuho lowered their price objective on Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a research report on Tuesday. Wells Fargo & Company dropped their price target on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Tuesday, February 25th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Synopsys presently has an average rating of “Moderate Buy” and a consensus target price of $623.17.

Synopsys Stock Up 1.7 %

Shares of SNPS stock opened at $428.18 on Tuesday. The firm has a market cap of $66.20 billion, a P/E ratio of 29.45, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23. The business has a 50-day moving average price of $455.38 and a two-hundred day moving average price of $497.37. Synopsys has a 12-month low of $365.74 and a 12-month high of $624.80.

Insiders Place Their Bets

In other Synopsys news, insider Geus Aart De sold 15,705 shares of Synopsys stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the completion of the transaction, the insider now directly owns 116,671 shares of the company’s stock, valued at approximately $51,850,925.82. The trade was a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the completion of the transaction, the chief executive officer now owns 70,922 shares in the company, valued at approximately $32,890,077.50. This represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,909 shares of company stock worth $22,794,835. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNPS. Kieckhefer Group LLC purchased a new position in Synopsys in the 4th quarter worth about $27,000. Ameriflex Group Inc. bought a new position in Synopsys during the fourth quarter valued at approximately $29,000. Whipplewood Advisors LLC purchased a new stake in Synopsys in the fourth quarter worth approximately $33,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Synopsys in the 4th quarter worth approximately $34,000. Finally, Sierra Ocean LLC purchased a new stake in Synopsys during the 4th quarter valued at $39,000. 85.47% of the stock is 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.