Synopsys (NASDAQ:SNPS) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Synopsys (NASDAQ:SNPS) in a research report released on Thursday,Benzinga reports. Needham & Company LLC currently has a $640.00 price target on the semiconductor company’s stock.

Several other analysts have also recently weighed in on the company. Piper Sandler lowered their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Robert W. Baird upped their target price on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Wells Fargo & Company began coverage on Synopsys in a research report on Friday, November 22nd. They set an “equal weight” rating and a $570.00 price target on the stock. Loop Capital started coverage on Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 price objective on the stock. Finally, Berenberg Bank assumed coverage on shares of Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target on the stock. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $649.00.

Synopsys Price Performance

NASDAQ SNPS opened at $517.28 on Thursday. The company’s 50 day simple moving average is $529.93 and its two-hundred day simple moving average is $544.89. Synopsys has a 1 year low of $457.52 and a 1 year high of $629.38. The stock has a market capitalization of $79.46 billion, a PE ratio of 35.63, a P/E/G ratio of 3.59 and a beta of 1.08.

Institutional Trading of Synopsys

Several large investors have recently bought and sold shares of the company. Davidson Capital Management Inc. raised its holdings in Synopsys by 33,828.6% in the third quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock worth $2,405,000 after purchasing an additional 4,736 shares in the last quarter. Swiss National Bank raised its stake in Synopsys by 0.7% during the third quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock valued at $230,306,000 after buying an additional 3,200 shares during the last quarter. Parnassus Investments LLC bought a new stake in Synopsys in the third quarter worth $633,469,000. Harvest Portfolios Group Inc. grew its stake in shares of Synopsys by 3.7% in the third quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock worth $21,330,000 after acquiring an additional 1,496 shares during the last quarter. Finally, Jacobs & Co. CA bought a new position in shares of Synopsys during the third quarter valued at $10,554,000. 85.47% of the stock is owned by institutional investors.

About Synopsys

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.