Synopsys Inc. (SNPS) Sets New 52-Week High at $58.87
Synopsys Inc. (NASDAQ:SNPS)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $58.87 and last traded at $58.57, with a volume of 296,988 shares changing hands. The stock had previously closed at $58.59.
SNPS has been the topic of a number of recent research reports. Needham & Company LLC raised their price objective on shares of Synopsys from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, August 18th. DA Davidson raised their price objective on shares of Synopsys from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, August 18th. Zacks Investment Research raised shares of Synopsys from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Tuesday, July 12th. Benchmark Co. raised their price objective on shares of Synopsys from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 18th. Finally, Royal Bank Of Canada initiated coverage on shares of Synopsys in a research note on Monday, June 6th. They issued an “outperform” rating and a $64.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $61.00.
The stock has a market cap of $8.92 billion and a P/E ratio of 37.58. The firm has a 50-day moving average price of $55.18 and a 200 day moving average price of $50.21.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.02. During the same period last year, the business posted $0.63 earnings per share. The business earned $615.20 million during the quarter, compared to the consensus estimate of $602.89 million. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts anticipate that Synopsys Inc. will post $3.02 EPS for the current year.
In other news, Chairman Geus Aart De sold 306,000 shares of the stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $58.39, for a total value of $17,867,340.00. Following the completion of the sale, the chairman now owns 159,791 shares in the company, valued at $9,330,196.49. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel John F. Runkel, Jr. sold 15,000 shares of the stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $52.34, for a total transaction of $785,100.00. Following the completion of the sale, the general counsel now owns 20,109 shares of the company’s stock, valued at approximately $1,052,505.06. The disclosure for this sale can be found here.
Several hedge funds have recently made changes to their positions in SNPS. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Synopsys by 312.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,225 shares of the company’s stock valued at $1,561,000 after buying an additional 25,925 shares in the last quarter. KBC Group NV increased its stake in shares of 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. Finally, Advisors Asset Management Inc. increased its stake in shares of 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.
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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