Synopsys (NASDAQ:SNPS) had its price target raised by stock analysts at KeyCorp from $110.00 to $112.00 in a research report issued to clients and investors on Thursday. The firm currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target would suggest a potential upside of 26.81% from the stock’s current price.
A number of other brokerages also recently issued reports on SNPS. BidaskClub downgraded shares of Synopsys from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Zacks Investment Research downgraded shares of Synopsys from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada restated a “buy” rating on shares of Synopsys in a research report on Friday, February 23rd. Finally, ValuEngine upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research report on Thursday, April 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Synopsys presently has an average rating of “Buy” and a consensus price target of $102.71.
Get Synopsys alerts:
NASDAQ:SNPS opened at $88.32 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 0.73. Synopsys has a one year low of $71.94 and a one year high of $94.80. The company has a market cap of $13.17 billion, a P/E ratio of 100.36, a price-to-earnings-growth ratio of 5.70 and a beta of 1.10.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, May 23rd. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.08. The firm had revenue of $776.80 million for the quarter, compared to the consensus estimate of $775.60 million. Synopsys had a net margin of 3.25% and a return on equity of 6.55%. The company’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 EPS. analysts expect that Synopsys will post 1.55 earnings per share for the current fiscal year.
Synopsys announced that its board has authorized a stock repurchase plan on Thursday, April 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, CEO Chi-Foon Chan sold 778 shares of Synopsys stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $90.06, for a total value of $70,066.68. Following the completion of the sale, the chief executive officer now owns 210,131 shares in the company, valued at approximately $18,924,397.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of Synopsys stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $87.00, for a total transaction of $870,000.00. Following the completion of the sale, the general counsel now owns 23,052 shares of the company’s stock, valued at approximately $2,005,524. The disclosure for this sale can be found here. Insiders own 1.84% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in shares of Synopsys by 18.8% in the 4th quarter. Wells Fargo & Company MN now owns 720,487 shares of the semiconductor company’s stock valued at $61,415,000 after acquiring an additional 113,892 shares in the last quarter. Jefferies Group LLC bought a new stake in shares of Synopsys in the 4th quarter valued at $10,980,000. First Trust Advisors LP increased its stake in shares of Synopsys by 426.3% in the 4th quarter. First Trust Advisors LP now owns 1,038,634 shares of the semiconductor company’s stock valued at $88,533,000 after acquiring an additional 841,300 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in shares of Synopsys in the 4th quarter valued at $3,962,000. Finally, State of Alaska Department of Revenue increased its stake in shares of Synopsys by 45.5% in the 4th quarter. State of Alaska Department of Revenue now owns 27,905 shares of the semiconductor company’s stock valued at $2,376,000 after acquiring an additional 8,730 shares in the last quarter. Institutional investors own 88.61% of the company’s stock.
Synopsys Company Profile
Synopsys, Inc provides electronic design automation (EDA) software products used to design and test integrated circuits (ICs). It offers Galaxy Design platform that offers IC design solutions; Verification Continuum Platform, which provides 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.