Analysts Set Synopsys, Inc. (NASDAQ:SNPS) Price Target at $649.82

Synopsys, Inc. (NASDAQ:SNPS) has been given an average recommendation of “Moderate Buy” by the eleven brokerages that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $644.36.

A number of brokerages have recently commented on SNPS. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a report on Tuesday, October 22nd. Berenberg Bank initiated coverage on Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target on the stock. Wells Fargo & Company began coverage on Synopsys in a research note on Friday. They set an “equal weight” rating and a $570.00 price target for the company. JPMorgan Chase & Co. increased their price objective on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Robert W. Baird boosted their target price on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd.

Hedge Funds Weigh In On Synopsys

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital World Investors increased its holdings in Synopsys by 12.5% during the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock valued at $4,211,892,000 after purchasing an additional 818,485 shares during the period. State Street Corp grew its position in shares of Synopsys by 1.7% in the 3rd quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock worth $3,518,637,000 after buying an additional 119,057 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Synopsys by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock valued at $3,050,441,000 after buying an additional 1,514,449 shares during the period. Geode Capital Management LLC raised its holdings in shares of Synopsys by 1.9% during the third quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company’s stock valued at $1,656,005,000 after acquiring an additional 61,799 shares in the last quarter. Finally, Edgewood Management LLC lifted its stake in Synopsys by 18.9% in the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after acquiring an additional 487,025 shares during the period. 85.47% of the stock is owned by institutional investors.

Synopsys Stock Up 1.3 %

Synopsys stock opened at $565.07 on Tuesday. The business has a 50-day simple moving average of $520.78 and a 200 day simple moving average of $545.66. Synopsys has a 52 week low of $457.52 and a 52 week high of $629.38. The stock has a market cap of $86.80 billion, a price-to-earnings ratio of 58.62, a PEG ratio of 3.40 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the business earned $2.17 earnings per share. Synopsys’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, research analysts anticipate that Synopsys will post 9.45 earnings per share for the current year.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.