Synopsys, Inc. (SNPS) Upgraded to “Top Pick” at Royal Bank Of Canada

Synopsys, Inc. (NASDAQ:SNPS) was upgraded by equities research analysts at Royal Bank Of Canada from an “outperform” rating to a “top pick” rating in a research report issued to clients and investors on Wednesday, October 25th, Marketbeat Ratings reports. The firm currently has a $100.00 price objective on the semiconductor company’s stock, up from their prior price objective of $90.00. Royal Bank Of Canada’s target price points to a potential upside of 14.57% from the stock’s previous close.

A number of other research analysts have also weighed in on SNPS. BidaskClub raised shares of Synopsys from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 17th. Credit Suisse Group reissued a “positive” rating and set a $90.00 price target (up from $82.00) on shares of Synopsys in a research report on Tuesday, August 15th. Needham & Company LLC reissued a “buy” rating and set a $83.00 price target (up from $77.00) on shares of Synopsys in a research report on Thursday, August 17th. Zacks Investment Research lowered shares of Synopsys from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Finally, HSBC Holdings plc reaffirmed an “average” rating on shares of Synopsys in a research report on Thursday, September 14th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $85.25.

Synopsys (SNPS) opened at $87.28 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.07 and a quick ratio of 1.07. Synopsys has a 12-month low of $56.03 and a 12-month high of $87.91. The stock has a market cap of $13,113.65, a P/E ratio of 35.05, a price-to-earnings-growth ratio of 3.97 and a beta of 1.00.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 EPS for the quarter, hitting analysts’ consensus estimates of $0.92. The business had revenue of $695.40 million during the quarter, compared to analysts’ expectations of $691.22 million. Synopsys had a net margin of 12.37% and a return on equity of 11.60%. The business’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the company posted $0.76 earnings per share. equities research analysts predict that Synopsys will post 1.93 earnings per share for the current year.

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In related news, EVP Joseph W. Logan sold 5,000 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $76.99, for a total transaction of $384,950.00. Following the sale, the executive vice president now directly owns 63,793 shares of the company’s stock, valued at approximately $4,911,423.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chi-Foon Chan sold 3,750 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $77.50, for a total transaction of $290,625.00. Following the sale, the chief executive officer now directly owns 200,429 shares in the company, valued at $15,533,247.50. The disclosure for this sale can be found here. Insiders own 1.82% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SNPS. AXA lifted its stake in Synopsys by 22.8% during the 2nd quarter. AXA now owns 704,528 shares of the semiconductor company’s stock valued at $51,382,000 after acquiring an additional 130,700 shares during the period. Bridgewater Associates LP bought a new position in Synopsys during the 2nd quarter valued at about $448,000. AJO LP lifted its stake in Synopsys by 132.1% during the 2nd quarter. AJO LP now owns 1,449,128 shares of the semiconductor company’s stock valued at $105,685,000 after acquiring an additional 824,879 shares during the period. Ameriprise Financial Inc. lifted its stake in Synopsys by 3.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,277,670 shares of the semiconductor company’s stock valued at $311,973,000 after acquiring an additional 125,190 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in Synopsys by 14,458.8% during the 2nd quarter. Janus Henderson Group PLC now owns 3,226,957 shares of the semiconductor company’s stock valued at $235,342,000 after acquiring an additional 3,204,792 shares during the period. 89.52% of the stock is currently owned by institutional investors.

Synopsys Company Profile

Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.

Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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