Synopsys Inc. (NASDAQ:SNPS) Receives $61.00 Consensus PT from Brokerages
Shares of Synopsys Inc. (NASDAQ:SNPS) have earned an average recommendation of “Buy” from the eight brokerages that are presently covering the company. Three equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $61.00.
Several research analysts have issued reports on SNPS shares. Zacks Investment Research cut Synopsys from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 13th. DA Davidson increased their price objective on Synopsys from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, August 18th. Needham & Company LLC upped their target price on Synopsys from $54.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 18th. Benchmark Co. upped their target price on Synopsys from $50.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 18th. Finally, Pacific Crest upped their target price on Synopsys from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Thursday, August 18th.
In other Synopsys news, Chairman Geus Aart De sold 306,000 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $58.39, for a total value of $17,867,340.00. Following the sale, the chairman now directly owns 159,791 shares of the company’s stock, valued at approximately $9,330,196.49. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alfred Castino sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $58.44, for a total value of $584,400.00. Following the completion of the sale, the director now directly owns 27,982 shares in the company, valued at $1,635,268.08. The disclosure for this sale can be found here. Corporate insiders own 1.62% of the company’s stock.
A number of hedge funds have recently modified their holdings of SNPS. Mizuho Asset Management Co. Ltd. raised its stake in shares of Synopsys by 43.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,963 shares of the company’s stock worth $106,000 after buying an additional 590 shares during the last quarter. Advisor Group Inc. acquired a new stake in shares of Synopsys during the second quarter worth about $130,000. Invictus RG raised its stake in shares of Synopsys by 751.3% in the first quarter. Invictus RG now owns 2,869 shares of the company’s stock worth $139,000 after buying an additional 2,532 shares during the last quarter. Calamos Advisors LLC acquired a new stake in shares of Synopsys during the second quarter worth about $211,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Synopsys during the second quarter worth about $219,000. 91.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Synopsys (NASDAQ:SNPS) opened at 59.83 on Tuesday. The company has a 50-day moving average of $59.02 and a 200 day moving average of $53.31. Synopsys has a one year low of $39.26 and a one year high of $60.02. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 38.16 and a beta of 0.89.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The firm earned $615.20 million during the quarter, compared to analysts’ expectations of $602.89 million. Synopsys had a return on equity of 12.15% and a net margin of 10.27%. Synopsys’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.63 earnings per share. Equities research analysts forecast that Synopsys will post $3.02 earnings per share for the current fiscal year.
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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