Synopsys (NASDAQ:SNPS) Receives New Coverage from Analysts at Mizuho

Mizuho started coverage on shares of Synopsys (NASDAQ:SNPS) in a research note released on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $650.00 price objective on the semiconductor company’s stock.

Several other analysts have also recently issued reports on SNPS. Berenberg Bank began coverage on shares of Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price target on the stock. KeyCorp increased their price target on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Piper Sandler reissued an “overweight” rating and issued a $687.00 price objective on shares of Synopsys in a report on Thursday, August 22nd. JPMorgan Chase & Co. increased their target price on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research report on Thursday, August 22nd. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Synopsys has a consensus rating of “Buy” and an average price target of $643.00.

Synopsys Price Performance

NASDAQ:SNPS opened at $495.25 on Tuesday. The firm has a 50-day moving average of $510.44 and a two-hundred day moving average of $546.23. The stock has a market cap of $76.08 billion, a P/E ratio of 51.37, a PEG ratio of 3.44 and a beta of 1.08. Synopsys has a 1-year low of $448.91 and a 1-year high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the business posted $2.17 earnings per share. Synopsys’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, equities analysts expect that Synopsys will post 9.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the transaction, the chief executive officer now owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Synopsys

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNPS. Kingsview Wealth Management LLC acquired a new position in Synopsys during the 1st quarter worth $239,000. Concurrent Investment Advisors LLC bought a new stake in shares of Synopsys during the 1st quarter worth about $218,000. Jacobs & Co. CA acquired a new stake in shares of Synopsys in the 3rd quarter worth approximately $10,554,000. Vontobel Holding Ltd. boosted its holdings in shares of Synopsys by 4.7% in the third quarter. Vontobel Holding Ltd. now owns 965,256 shares of the semiconductor company’s stock valued at $488,796,000 after acquiring an additional 43,228 shares in the last quarter. Finally, Axxcess Wealth Management LLC increased its stake in shares of Synopsys by 44.9% during the first quarter. Axxcess Wealth Management LLC now owns 4,030 shares of the semiconductor company’s stock valued at $2,303,000 after acquiring an additional 1,249 shares during the period. 85.47% of the stock is owned by institutional investors.

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.