Mizuho Begins Coverage on Synopsys (NASDAQ:SNPS)

Research analysts at Mizuho started coverage on shares of Synopsys (NASDAQ:SNPS) in a report released on Tuesday, Briefing.com reports. The brokerage set an “outperform” rating and a $650.00 price target on the semiconductor company’s stock. Mizuho’s price objective points to a potential upside of 28.56% from the company’s current price.

A number of other brokerages have also recently commented on SNPS. JPMorgan Chase & Co. lifted their target price on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $687.00 target price on shares of Synopsys in a report on Thursday, August 22nd. Rosenblatt Securities reissued a “buy” rating and set a $635.00 price target on shares of Synopsys in a report on Friday, August 23rd. KeyCorp upped their price objective on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Berenberg Bank started coverage on Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price on the stock. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $644.55.

Synopsys Price Performance

Shares of SNPS opened at $505.59 on Tuesday. The firm has a fifty day moving average price of $511.71 and a 200 day moving average price of $547.12. The stock has a market cap of $77.66 billion, a PE ratio of 52.45, a price-to-earnings-growth ratio of 3.47 and a beta of 1.08. Synopsys has a 1-year low of $448.91 and a 1-year high of $629.38.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.17 EPS. As a group, equities analysts expect that Synopsys will post 9.45 EPS for the current fiscal year.

Insider Activity

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 transaction of $5,701,189.77. Following the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNPS. ORG Partners LLC increased its holdings in Synopsys by 600.0% during the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 36 shares in the last quarter. Chris Bulman Inc acquired a new stake in shares of Synopsys in the second quarter valued at approximately $30,000. Pacifica Partners Inc. purchased a new position in shares of Synopsys during the 3rd quarter worth approximately $25,000. Tsfg LLC increased its stake in shares of Synopsys by 75.0% during the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 24 shares in the last quarter. Finally, Fortitude Family Office LLC raised its position in shares of Synopsys by 66.7% during the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 24 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

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.