Berenberg Bank Begins Coverage on Synopsys (NASDAQ:SNPS)

Berenberg Bank assumed coverage on shares of Synopsys (NASDAQ:SNPS) in a report issued on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $660.00 price objective on the semiconductor company’s stock.

Several other equities analysts have also issued reports on SNPS. Piper Sandler reaffirmed an “overweight” rating and set a $687.00 price target on shares of Synopsys in a research note on Thursday, August 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a report on Thursday, August 22nd. JPMorgan Chase & Co. upped their price objective on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. KeyCorp upped 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. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $644.00.

Synopsys Stock Up 0.7 %

Shares of SNPS opened at $504.69 on Tuesday. Synopsys has a 12-month low of $448.91 and a 12-month high of $629.38. The firm has a market capitalization of $77.53 billion, a PE ratio of 52.35, a price-to-earnings-growth ratio of 3.73 and a beta of 1.08. The stock’s fifty day simple moving average is $512.37 and its 200-day simple moving average is $548.41.

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

Insiders Place Their Bets

In related news, CEO Sassine Ghazi sold 10,293 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SNPS. ORG Partners LLC grew its holdings in shares of Synopsys by 600.0% during the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock worth $25,000 after buying an additional 36 shares in the last quarter. Pacifica Partners Inc. bought a new position in shares of Synopsys during the third quarter worth about $25,000. Tsfg LLC grew its holdings in shares of Synopsys by 75.0% during the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after buying an additional 24 shares in the last quarter. Chris Bulman Inc acquired a new position in Synopsys during the second quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC boosted its position in Synopsys by 66.7% during the second 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 during the last quarter. 85.47% of the stock is currently owned by institutional investors.

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.