Synopsys (NASDAQ:SNPS) Price Target Cut to $520.00 by Analysts at Wells Fargo & Company

Synopsys (NASDAQ:SNPS) had its price target reduced by equities research analysts at Wells Fargo & Company from $540.00 to $520.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.53% from the company’s current price.

SNPS has been the topic of a number of other research reports. Piper Sandler cut their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. Robert W. Baird dropped their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Needham & Company LLC restated a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research report on Thursday, December 5th. Morgan Stanley dropped their price target on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Loop Capital started coverage on Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 price target on the stock. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $637.92.

Synopsys Stock Performance

SNPS opened at $470.46 on Thursday. The business’s 50-day simple moving average is $507.61 and its 200-day simple moving average is $516.56. Synopsys has a one year low of $457.00 and a one year high of $624.80. The stock has a market capitalization of $72.72 billion, a P/E ratio of 32.40, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12.

Insider Transactions at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the sale, the executive now owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This represents a 93.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Synopsys

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. lifted its stake in Synopsys by 44.8% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 1,250 shares of the semiconductor company’s stock valued at $607,000 after buying an additional 387 shares in the last quarter. Armis Advisers LLC purchased a new stake in Synopsys in the 4th quarter valued at approximately $390,000. Great Valley Advisor Group Inc. lifted its stake in Synopsys by 8.9% in the 4th quarter. Great Valley Advisor Group Inc. now owns 9,620 shares of the semiconductor company’s stock valued at $4,669,000 after buying an additional 783 shares in the last quarter. Cypress Asset Management Inc. TX purchased a new position in shares of Synopsys during the 4th quarter worth $2,064,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Synopsys during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

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.