ValuEngine upgraded shares of Synopsys (NASDAQ:SNPS) from a hold rating to a buy rating in a research note issued to investors on Thursday.
A number of other analysts have also recently weighed in on SNPS. BidaskClub upgraded Synopsys from a sell rating to a hold rating in a research report on Tuesday, March 6th. Zacks Investment Research upgraded Synopsys from a sell rating to a hold rating in a research report on Friday, March 23rd. Royal Bank of Canada reiterated a buy rating on shares of Synopsys in a research report on Friday, February 23rd. Finally, KeyCorp reiterated an overweight rating and issued a $110.00 price target (up from $106.00) on shares of Synopsys in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. Synopsys has a consensus rating of Buy and a consensus price target of $97.33.
Shares of NASDAQ SNPS traded down $0.42 during trading hours on Thursday, reaching $84.06. The stock had a trading volume of 148,410 shares, compared to its average volume of 1,025,627. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $12,367.98, a price-to-earnings ratio of 96.00, a PEG ratio of 5.35 and a beta of 1.09. Synopsys has a twelve month low of $70.55 and a twelve month high of $94.80.
Synopsys announced that its Board of Directors has approved a stock repurchase program on Thursday, April 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, Director Steven Walske sold 4,545 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $90.12, for a total transaction of $409,595.40. Following the sale, the director now owns 14,988 shares in the company, valued at $1,350,718.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joseph W. Logan sold 10,313 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $84.69, for a total value of $873,407.97. Following the sale, the executive vice president now owns 78,584 shares in the company, valued at approximately $6,655,278.96. The disclosure for this sale can be found here. Insiders have sold 29,245 shares of company stock worth $2,529,005 in the last 90 days. Company insiders own 1.84% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Synopsys by 5.5% during the fourth quarter. BlackRock Inc. now owns 12,640,021 shares of the semiconductor company’s stock worth $1,077,434,000 after purchasing an additional 658,966 shares during the last quarter. Swedbank grew its holdings in shares of Synopsys by 7.6% during the fourth quarter. Swedbank now owns 2,433,192 shares of the semiconductor company’s stock worth $207,406,000 after purchasing an additional 171,085 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Synopsys by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 1,884,853 shares of the semiconductor company’s stock worth $160,386,000 after purchasing an additional 66,419 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Synopsys by 37.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,853,499 shares of the semiconductor company’s stock worth $157,992,000 after purchasing an additional 505,334 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Synopsys by 1.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,362,394 shares of the semiconductor company’s stock valued at $116,130,000 after acquiring an additional 18,545 shares during the last quarter. Institutional investors own 90.52% of the company’s stock.
WARNING: This report was first posted by Dakota Financial News and is owned by of Dakota Financial News. If you are reading this report on another website, it was copied illegally and reposted in violation of US & international copyright and trademark law. The original version of this report can be accessed at https://dakotafinancialnews.com/2018/04/13/synopsys-snps-upgraded-to-buy-by-valuengine.html.
Synopsys, Inc provides electronic design automation (EDA) software products used to design and test integrated circuits (ICs). It offers Galaxy Design platform that offers IC design solutions; 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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.