Synopsys (NASDAQ:SNPS) Research Coverage Started at Berenberg Bank

Analysts at Berenberg Bank initiated coverage on shares of Synopsys (NASDAQ:SNPS) in a research note issued to investors on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $660.00 price target on the semiconductor company’s stock. Berenberg Bank’s target price points to a potential upside of 21.00% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research note on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and issued a $687.00 price objective on shares of Synopsys in a research note on Thursday, August 22nd. Robert W. Baird lifted their target price on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. JPMorgan Chase & Co. increased their price target on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, KeyCorp lifted their price objective on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $644.00.

Synopsys Price Performance

Shares of Synopsys stock opened at $545.46 on Tuesday. The firm’s fifty day simple moving average is $511.99 and its 200-day simple moving average is $549.43. Synopsys has a 12 month low of $448.91 and a 12 month high of $629.38. The stock has a market capitalization of $83.79 billion, a price-to-earnings ratio of 56.58, a PEG ratio of 3.64 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 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.52 billion. During the same period in the previous year, the business posted $2.17 earnings per share. Synopsys’s quarterly revenue was up 12.7% on a year-over-year basis. Analysts anticipate that Synopsys will post 9.45 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $553.89, for a total value of $5,701,189.77. Following the sale, the chief executive officer now directly owns 62,568 shares in the company, valued at $34,655,789.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNPS. ORG Partners LLC raised its holdings in shares of Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 36 shares during the last quarter. Chris Bulman Inc acquired a new position in Synopsys in the 2nd quarter valued at about $30,000. Pacifica Partners Inc. purchased a new position in Synopsys in the 3rd quarter valued at about $25,000. Fortitude Family Office LLC lifted its holdings in Synopsys by 66.7% in the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 24 shares in the last quarter. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Synopsys during the second quarter worth about $40,000. 85.47% of the stock is currently owned by institutional investors and hedge funds.

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.