Robert W. Baird Increases Synopsys (NASDAQ:SNPS) Price Target to $645.00

Synopsys (NASDAQ:SNPS) had its price objective increased by analysts at Robert W. Baird from $640.00 to $645.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Robert W. Baird’s price target would indicate a potential upside of 9.81% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Piper Sandler restated an “overweight” rating and issued a $672.00 target price (up previously from $665.00) on shares of Synopsys in a report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $660.00 target price on shares of Synopsys in a report on Thursday. Rosenblatt Securities restated a “buy” rating and issued a $615.00 target price on shares of Synopsys in a report on Thursday. Finally, JPMorgan Chase & Co. increased their price target on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research note on Thursday. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $616.18.

Synopsys Trading Up 0.2 %

Shares of NASDAQ:SNPS opened at $587.40 on Thursday. Synopsys has a 52 week low of $409.83 and a 52 week high of $629.38. The company’s 50 day moving average is $558.67 and its two-hundred day moving average is $546.95. The company has a market cap of $89.58 billion, a PE ratio of 63.85, a P/E/G ratio of 3.35 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a net margin of 23.05% and a return on equity of 23.47%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company posted $1.76 earnings per share. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts expect that Synopsys will post 9.78 EPS for the current year.

Insider Transactions at Synopsys

In other news, insider John F. Runkel, Jr. sold 5,319 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the sale, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider John F. Runkel, Jr. sold 5,319 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roy Vallee sold 10,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $11,453,200. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Synopsys

A number of large investors have recently made changes to their positions in the stock. Cetera Advisors LLC increased its holdings in shares of Synopsys by 59.8% in the 1st quarter. Cetera Advisors LLC now owns 9,586 shares of the semiconductor company’s stock valued at $5,478,000 after purchasing an additional 3,589 shares in the last quarter. Cetera Investment Advisers increased its holdings in Synopsys by 284.9% during the 1st quarter. Cetera Investment Advisers now owns 27,885 shares of the semiconductor company’s stock valued at $15,936,000 after acquiring an additional 20,641 shares in the last quarter. Atria Investments Inc increased its holdings in Synopsys by 8.9% during the 1st quarter. Atria Investments Inc now owns 12,918 shares of the semiconductor company’s stock valued at $7,383,000 after acquiring an additional 1,055 shares in the last quarter. Swedbank AB purchased a new position in Synopsys during the 1st quarter valued at about $1,051,637,000. Finally, LRI Investments LLC purchased a new position in Synopsys during the 1st quarter valued at about $286,000. 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.