Synopsys Inc. (SNPS) Hits New 1-Year High at $58.87
Synopsys Inc. (NASDAQ:SNPS)’s share price reached a new 52-week high during trading on Monday . The stock 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 several recent analyst reports. DA Davidson raised their target price on shares of Synopsys from $60.00 to $64.00 and gave the company a “buy” rating in a report on Thursday. Needham & Company LLC raised their target price on shares of Synopsys from $54.00 to $60.00 and gave the company a “buy” rating in a report on Thursday. Zacks Investment Research raised shares of Synopsys from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a report on Tuesday, July 12th. Benchmark Co. lifted their price target on shares of Synopsys from $50.00 to $60.00 and gave the company a “hold” rating in a report on Thursday. Finally, Royal Bank Of Canada initiated coverage on shares of Synopsys in a report on Monday, June 6th. They set an “outperform” rating and a $64.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $61.00.
The firm has a market cap of $8.86 billion and a price-to-earnings ratio of 37.33. The company has a 50 day moving average of $54.94 and a 200-day moving average of $49.87.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, August 17th. The company reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The company earned $615.20 million during the quarter, compared to the consensus estimate of $602.89 million. During the same quarter last year, the company posted $0.63 earnings per share. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts predict that Synopsys Inc. will post $3.02 earnings per share for the current year.
In other Synopsys news, General Counsel John F. Runkel, Jr. sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $52.34, for a total transaction of $785,100.00. Following the transaction, the general counsel now directly owns 20,109 shares in the company, valued at $1,052,505.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deborah A. Coleman sold 2,000 shares of the stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $51.64, for a total transaction of $103,280.00. Following the transaction, the director now owns 46,019 shares in the company, valued at $2,376,421.16. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have modified their holdings of SNPS. Advisors Asset Management Inc. boosted its position 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 worth $1,417,000 after buying an additional 854 shares during the last quarter. KBC Group NV boosted its position in shares of Synopsys by 78.5% in the fourth quarter. KBC Group NV now owns 44,856 shares of the company’s stock worth $2,046,000 after buying an additional 19,730 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position 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 worth $1,561,000 after buying an additional 25,925 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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