Synopsys Inc. (SNPS) Stock Rating Reaffirmed by RBC Capital Markets
Synopsys Inc. (NASDAQ:SNPS)‘s stock had its “outperform” rating reissued by research analysts at RBC Capital Markets in a research report issued on Saturday. They presently have a $66.00 target price on the stock. RBC Capital Markets’ price target points to a potential upside of 10.46% from the stock’s previous close.
Several other research firms also recently issued reports on SNPS. DA Davidson reaffirmed a “buy” rating and set a $75.00 price objective (up previously from $64.00) on shares of Synopsys in a report on Wednesday. Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, August 23rd. Pacific Crest increased their price target on Synopsys from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Thursday, August 18th. KeyCorp increased their price target on Synopsys from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Thursday, August 18th. Finally, Benchmark Co. increased their price target on Synopsys from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 18th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Synopsys currently has a consensus rating of “Buy” and an average price target of $62.78.
Shares of Synopsys (NASDAQ:SNPS) traded up 0.45% on Friday, reaching $59.75. The company’s stock had a trading volume of 899,049 shares. Synopsys has a 52-week low of $39.26 and a 52-week high of $61.36. The company has a 50 day moving average price of $59.20 and a 200 day moving average price of $53.78. The company has a market cap of $9.04 billion, a P/E ratio of 38.11 and a beta of 0.89.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, August 17th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.02. Synopsys had a return on equity of 12.15% and a net margin of 10.27%. The firm had revenue of $615.20 million for the quarter, compared to the consensus estimate of $602.89 million. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts anticipate that Synopsys will post $3.02 earnings per share for the current fiscal year.
In related news, Chairman Geus Aart De sold 306,000 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $58.39, for a total transaction of $17,867,340.00. Following the sale, the chairman now owns 159,791 shares of the company’s stock, valued at approximately $9,330,196.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chi-Foon Chan sold 2,000 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $58.23, for a total value of $116,460.00. Following the sale, the chief executive officer now directly owns 193,935 shares in the company, valued at approximately $11,292,835.05. The disclosure for this sale can be found here. Corporate insiders own 1.62% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Mizuho Asset Management Co. Ltd. increased 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 valued at $106,000 after buying an additional 590 shares during the last quarter. Creative Planning increased its stake in shares of Synopsys by 17.2% in the third quarter. Creative Planning now owns 1,884 shares of the company’s stock valued at $112,000 after buying an additional 276 shares during the last quarter. Advisor Group Inc. acquired a new stake in shares of Synopsys during the second quarter valued at approximately $130,000. Invictus RG increased 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 valued at $139,000 after buying an additional 2,532 shares during the last quarter. Finally, Peddock Capital Advisors LLC acquired a new stake in shares of Synopsys during the third quarter valued at approximately $203,000. 91.01% of the stock is currently owned by institutional investors and hedge funds.
Synopsys Company Profile
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.
Receive News & Ratings for Synopsys Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synopsys Inc. and related companies with MarketBeat.com's FREE daily email newsletter.