Synopsys (NASDAQ:SNPS) Given New $152.00 Price Target at KeyCorp

Synopsys (NASDAQ:SNPS) had its price target raised by KeyCorp from $135.00 to $152.00 in a report published on Friday morning, The Fly reports. KeyCorp currently has an overweight rating on the semiconductor company’s stock.

Several other brokerages also recently issued reports on SNPS. Zacks Investment Research upgraded shares of Hudson Technologies from a sell rating to a hold rating in a research note on Wednesday, May 29th. Royal Bank of Canada raised their price objective on shares of Synopsys from $130.00 to $140.00 and gave the stock a top pick rating in a research note on Thursday, April 11th. Needham & Company LLC restated a buy rating and issued a $120.00 price objective on shares of Synopsys in a research note on Wednesday, April 3rd. Bank of America set a $4.00 price objective on shares of GameStop and gave the stock a sell rating in a research note on Wednesday, June 5th. Finally, Wells Fargo & Co initiated coverage on shares of Semtech in a research note on Tuesday, May 14th. They issued an outperform rating and a $48.03 price objective on the stock. Three analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Synopsys currently has an average rating of Buy and a consensus price target of $125.89.

Shares of SNPS stock opened at $137.46 on Friday. Synopsys has a 12 month low of $79.14 and a 12 month high of $137.88. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.85 and a current ratio of 0.95. The company’s 50 day moving average is $127.16. The firm has a market capitalization of $20.61 billion, a P/E ratio of 48.74, a PEG ratio of 4.12 and a beta of 1.27.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.04. The business had revenue of $836.20 million for the quarter, compared to the consensus estimate of $829.41 million. Synopsys had a net margin of 18.74% and a return on equity of 16.88%. Synopsys’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company posted $1.08 earnings per share. On average, sell-side analysts expect that Synopsys will post 3.03 earnings per share for the current fiscal year.

In related news, CEO Chi-Foon Chan sold 5,105 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $117.15, for a total value of $598,050.75. Following the completion of the transaction, the chief executive officer now directly owns 204,117 shares of the company’s stock, valued at $23,912,306.55. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Chrysostomos L. Nikias sold 1,050 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $117.36, for a total value of $123,228.00. Following the completion of the transaction, the director now directly owns 22,881 shares of the company’s stock, valued at $2,685,314.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 207,180 shares of company stock worth $24,653,559. 1.84% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Synopsys by 1.1% in the first quarter. BlackRock Inc. now owns 12,336,835 shares of the semiconductor company’s stock worth $1,420,588,000 after purchasing an additional 134,481 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Synopsys by 40.3% during the first quarter. JPMorgan Chase & Co. now owns 5,273,032 shares of the semiconductor company’s stock valued at $607,189,000 after acquiring an additional 1,513,575 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in shares of Synopsys by 21.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,445,826 shares of the semiconductor company’s stock valued at $206,037,000 after acquiring an additional 439,292 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Synopsys by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 2,244,335 shares of the semiconductor company’s stock valued at $188,775,000 after acquiring an additional 109,140 shares during the period. Finally, Egerton Capital UK LLP lifted its holdings in shares of Synopsys by 142.3% during the first quarter. Egerton Capital UK LLP now owns 2,199,485 shares of the semiconductor company’s stock valued at $253,271,000 after acquiring an additional 1,291,643 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; 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.

Further Reading: What is a blue-chip stock?

The Fly

Analyst Recommendations for Synopsys (NASDAQ:SNPS)

Receive News & Ratings for Synopsys Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synopsys and related companies with MarketBeat.com's FREE daily email newsletter.