Trading Report: The DA Davidson Reiterates “Buy” Rating for Synopsys Inc. (SNPS)

The DA Davidson Reiterates “Buy” Rating for Synopsys Inc. (SNPS)

Synopsys Inc. (NASDAQ:SNPS)‘s stock had its “buy” rating restated by analysts at DA Davidson in a report issued on Wednesday. They currently have a $75.00 price target on the stock, up from their prior price target of $64.00. DA Davidson’s target price suggests a potential upside of 26.09% from the stock’s previous close.

Several other analysts also recently weighed in on SNPS. Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating in a research report on Tuesday, August 23rd. Pacific Crest upped their price objective on Synopsys from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Thursday, August 18th. KeyCorp upped their price objective on Synopsys from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Thursday, August 18th. Benchmark Co. upped their price objective on Synopsys from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 18th. Finally, Needham & Company LLC upped their price objective on Synopsys from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, August 18th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $62.38.

Synopsys (NASDAQ:SNPS) opened at 59.48 on Wednesday. The stock’s 50 day moving average price is $59.17 and its 200 day moving average price is $53.70. Synopsys has a 52-week low of $39.26 and a 52-week high of $61.36. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of 37.93 and a beta of 0.89.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, August 17th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.02. The company had revenue of $615.20 million for the quarter, compared to analyst estimates of $602.89 million. Synopsys had a return on equity of 12.15% and a net margin of 10.27%. Synopsys’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 EPS. On average, equities analysts anticipate that Synopsys will post $3.02 earnings per share for the current fiscal year.

In other news, EVP Brian M. Beattie sold 63,125 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $59.18, for a total transaction of $3,735,737.50. Following the completion of the transaction, the executive vice president now directly owns 74,500 shares in the company, valued at $4,408,910. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chi-Foon Chan sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $58.23, for a total value of $116,460.00. Following the transaction, the chief executive officer now owns 193,935 shares of the company’s stock, valued at $11,292,835.05. The disclosure for this sale can be found here. 1.62% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Synopsys by 2.9% in the second quarter. Vanguard Group Inc. now owns 11,522,670 shares of the company’s stock worth $623,146,000 after buying an additional 322,407 shares during the period. BlackRock Fund Advisors increased its position in shares of Synopsys by 8.5% in the second quarter. BlackRock Fund Advisors now owns 8,114,931 shares of the company’s stock worth $438,855,000 after buying an additional 638,798 shares during the period. State Street Corp increased its position in shares of Synopsys by 0.6% in the first quarter. State Street Corp now owns 6,111,847 shares of the company’s stock worth $296,058,000 after buying an additional 34,721 shares during the period. Principal Financial Group Inc. increased its position in shares of Synopsys by 17.3% in the second quarter. Principal Financial Group Inc. now owns 1,752,739 shares of the company’s stock worth $94,788,000 after buying an additional 258,866 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Synopsys by 39.2% in the second quarter. Victory Capital Management Inc. now owns 1,533,075 shares of the company’s stock worth $82,908,000 after buying an additional 431,784 shares during the period. Institutional investors own 91.01% of the company’s stock.

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