Synopsys Inc. (SNPS) Hits New 52-Week High at $56.29
Shares of Synopsys Inc. (NASDAQ:SNPS) reached a new 52-week high on Monday . The stock traded as high as $56.29 and last traded at $56.21, with a volume of 267,065 shares trading hands. The stock had previously closed at $55.74.
Several analysts have weighed in on SNPS shares. Zacks Investment Research upgraded shares of Synopsys from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Tuesday, April 19th. Royal Bank Of Canada started coverage on shares of Synopsys in a research note on Monday, June 6th. They set an “outperform” rating and a $64.00 target price for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $56.29.
The firm has a 50 day moving average of $54.30 and a 200-day moving average of $49.33. The company has a market capitalization of $8.51 billion and a price-to-earnings ratio of 37.42.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 18th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.02. During the same period in the prior year, the company posted $0.68 earnings per share. The business earned $605.01 million during the quarter, compared to the consensus estimate of $601.97 million. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, analysts forecast that Synopsys Inc. will post $2.99 EPS for the current fiscal year.
In other news, Director Deborah A. Coleman sold 2,000 shares of the stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $51.64, for a total value of $103,280.00. Following the completion of the sale, the director now directly owns 46,019 shares of the company’s stock, valued at $2,376,421.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian M. Beattie sold 40,700 shares of the stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $52.55, for a total value of $2,138,785.00. Following the completion of the sale, the chief accounting officer now directly owns 60,127 shares of the company’s stock, valued at $3,159,673.85. The disclosure for this sale can be found here.
Other large investors have bought and sold shares of the company. Bernzott Capital Advisors boosted its stake in Synopsys by 21.0% in the fourth quarter. Bernzott Capital Advisors now owns 458,934 shares of the company’s stock valued at $20,932,000 after buying an additional 79,494 shares in the last quarter. KBC Group NV boosted its stake in Synopsys by 78.5% in the fourth quarter. KBC Group NV now owns 44,856 shares of the company’s stock valued at $2,046,000 after buying an additional 19,730 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Synopsys by 2.8% in the fourth quarter. Advisors Asset Management Inc. now owns 31,057 shares of the company’s stock valued at $1,417,000 after buying an additional 854 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in Synopsys by 57.0% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 63,328 shares of the company’s stock valued at $2,888,000 after buying an additional 23,002 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Synopsys by 103.8% in the fourth quarter. Morgan Stanley now owns 715,862 shares of the company’s stock worth $32,650,000 after buying an additional 364,673 shares during the last quarter.
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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