Needham & Company LLC Increases Synopsys (SNPS) Price Target to $115.00

Synopsys (NASDAQ:SNPS) had its price objective boosted by research analysts at Needham & Company LLC from $105.00 to $115.00 in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 30.95% from the stock’s previous close.

Other research analysts have also issued reports about the stock. BidaskClub lowered shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 19th. Zacks Investment Research upgraded shares of Synopsys from a “hold” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, October 23rd. DA Davidson upped their target price on shares of Synopsys to $110.00 and gave the stock a “buy” rating in a research report on Thursday, August 23rd. Berenberg Bank started coverage on shares of Synopsys in a research report on Tuesday, November 20th. They issued a “buy” rating and a $119.00 target price for the company. Finally, Benchmark upgraded shares of Synopsys from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $108.50.

SNPS opened at $87.82 on Thursday. The firm has a market cap of $13.55 billion, a PE ratio of 31.14, a PEG ratio of 3.20 and a beta of 1.29. The company has a quick ratio of 0.70, a current ratio of 0.73 and a debt-to-equity ratio of 0.04. Synopsys has a one year low of $80.13 and a one year high of $103.40.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, December 5th. The semiconductor company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.37. Synopsys had a net margin of 13.86% and a return on equity of 16.91%. The firm had revenue of $795.08 million during the quarter, compared to analyst estimates of $794.55 million. Sell-side analysts forecast that Synopsys will post 2.85 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Synopsys by 1.3% in the third quarter. Vanguard Group Inc. now owns 15,851,502 shares of the semiconductor company’s stock worth $1,563,115,000 after acquiring an additional 204,619 shares in the last quarter. BlackRock Inc. boosted its position in Synopsys by 5.2% during the second quarter. BlackRock Inc. now owns 14,683,291 shares of the semiconductor company’s stock valued at $1,256,450,000 after buying an additional 731,655 shares during the period. Pictet Asset Management Ltd. boosted its position in Synopsys by 0.8% during the third quarter. Pictet Asset Management Ltd. now owns 3,277,858 shares of the semiconductor company’s stock valued at $323,230,000 after buying an additional 24,532 shares during the period. JPMorgan Chase & Co. boosted its position in Synopsys by 3.0% during the third quarter. JPMorgan Chase & Co. now owns 3,125,440 shares of the semiconductor company’s stock valued at $308,202,000 after buying an additional 90,267 shares during the period. Finally, Deutsche Bank AG boosted its position in Synopsys by 50.3% during the third quarter. Deutsche Bank AG now owns 1,925,800 shares of the semiconductor company’s stock valued at $189,896,000 after buying an additional 644,307 shares during the period. Institutional investors own 89.63% of the company’s stock.

About Synopsys

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.

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Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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