Synopsys (NASDAQ:SNPS – Get Free Report) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Monday.
Several other analysts have also commented on SNPS. JPMorgan Chase & Co. lifted their price objective on Synopsys from $470.00 to $500.00 and gave the stock an “overweight” rating in a report on Thursday, August 17th. Rosenblatt Securities reissued a “buy” rating and set a $485.00 price target on shares of Synopsys in a report on Wednesday, August 23rd. Bank of America boosted their price target on Synopsys from $510.00 to $600.00 in a report on Tuesday, October 10th. Needham & Company LLC reissued a “buy” rating and set a $500.00 price target on shares of Synopsys in a report on Tuesday, August 15th. Finally, HSBC initiated coverage on Synopsys in a report on Friday, September 29th. They set a “buy” rating and a $551.00 price target for the company. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $519.18.
Synopsys Price Performance
Shares of SNPS traded up $0.84 during trading hours on Monday, hitting $543.53. The stock had a trading volume of 997,155 shares, compared to its average volume of 839,162. Synopsys has a 12 month low of $312.25 and a 12 month high of $549.67. The firm has a market capitalization of $82.67 billion, a PE ratio of 81.49, a PEG ratio of 3.69 and a beta of 1.08. The stock has a fifty day moving average price of $486.89 and a 200 day moving average price of $455.90.
Insider Buying and Selling
In other Synopsys news, CAO Sudhindra Kankanwadi sold 7,355 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $491.53, for a total transaction of $3,615,203.15. Following the sale, the chief accounting officer now directly owns 17,029 shares in the company, valued at $8,370,264.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider John F. Runkel, Jr. sold 2,507 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $455.00, for a total transaction of $1,140,685.00. Following the transaction, the insider now owns 24,732 shares of the company’s stock, valued at $11,253,060. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sudhindra Kankanwadi sold 7,355 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $491.53, for a total value of $3,615,203.15. Following the transaction, the chief accounting officer now directly owns 17,029 shares in the company, valued at approximately $8,370,264.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,469 shares of company stock worth $8,244,769. Corporate insiders own 0.69% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of SNPS. Venturi Wealth Management LLC bought a new position in Synopsys in the third quarter worth approximately $27,000. OFI Invest Asset Management bought a new position in Synopsys in the third quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Synopsys in the third quarter worth approximately $29,000. Altshuler Shaham Ltd bought a new position in Synopsys in the second quarter worth approximately $28,000. Finally, Freedom Wealth Alliance LLC bought a new position in Synopsys in the fourth quarter worth approximately $26,000. Institutional investors own 84.12% of the company’s stock.
About Synopsys
Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. 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.