Synopsys (NASDAQ:SNPS) Stock Rating Lowered by Bank of America

Bank of America downgraded shares of Synopsys (NASDAQ:SNPS) from a neutral rating to an underperform rating in a research note released on Friday morning, Price Targets.com reports. They currently have $315.00 target price on the semiconductor company’s stock.

A number of other research analysts have also recently commented on SNPS. Robert W. Baird upped their target price on shares of Synopsys from $320.00 to $350.00 and gave the company an outperform rating in a research report on Thursday, August 19th. HSBC reaffirmed an average rating on shares of Synopsys in a research report on Thursday, August 26th. Rosenblatt Securities upped their target price on shares of Synopsys from $314.00 to $349.00 and gave the company a buy rating in a research report on Wednesday, August 25th. Westpark Capital initiated coverage on shares of Synopsys in a research report on Thursday, July 15th. They issued a buy rating and a $340.00 target price on the stock. Finally, KeyCorp upped their target price on shares of Synopsys from $320.00 to $347.00 and gave the company an overweight rating in a research report on Thursday, August 19th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $322.50.

Shares of SNPS stock opened at $321.30 on Friday. The company’s 50-day moving average price is $306.20 and its 200-day moving average price is $270.93. The stock has a market cap of $49.00 billion, a price-to-earnings ratio of 66.94, a PEG ratio of 4.47 and a beta of 1.08. Synopsys has a twelve month low of $193.55 and a twelve month high of $340.66.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Tuesday, August 17th. The semiconductor company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.03. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Synopsys had a net margin of 18.48% and a return on equity of 15.03%. The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.74 EPS. On average, analysts expect that Synopsys will post 4.66 EPS for the current fiscal year.

Synopsys announced that its board has authorized a share buyback program on Thursday, June 17th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 1.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

In other Synopsys news, CEO Chi-Foon Chan sold 278,642 shares of the stock in a transaction that occurred on Friday, August 20th. The shares were sold at an average price of $314.98, for a total value of $87,766,657.16. Following the transaction, the chief executive officer now directly owns 164,515 shares in the company, valued at $51,818,934.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Runkel, Jr. sold 4,238 shares of the stock in a transaction that occurred on Wednesday, September 15th. The shares were sold at an average price of $333.00, for a total transaction of $1,411,254.00. Following the completion of the transaction, the insider now owns 21,198 shares in the company, valued at $7,058,934. The disclosure for this sale can be found here. Insiders have sold 351,468 shares of company stock worth $110,350,277 over the last 90 days. Insiders own 1.56% of the company’s stock.

Several hedge funds have recently bought and sold shares of SNPS. FMR LLC boosted its holdings in shares of Synopsys by 1.1% in the first quarter. FMR LLC now owns 257,171 shares of the semiconductor company’s stock valued at $29,613,000 after acquiring an additional 2,914 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Synopsys by 90.8% in the first quarter. Commonwealth Equity Services LLC now owns 5,056 shares of the semiconductor company’s stock valued at $1,252,000 after acquiring an additional 2,406 shares during the period. Standard Life Aberdeen plc boosted its holdings in shares of Synopsys by 7.9% in the first quarter. Standard Life Aberdeen plc now owns 57,721 shares of the semiconductor company’s stock valued at $14,305,000 after acquiring an additional 4,226 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Synopsys by 16.5% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 50,894 shares of the semiconductor company’s stock valued at $12,611,000 after acquiring an additional 7,218 shares during the period. Finally, Harvest Volatility Management LLC boosted its holdings in shares of Synopsys by 62.3% in the first quarter. Harvest Volatility Management LLC now owns 3,303 shares of the semiconductor company’s stock valued at $818,000 after acquiring an additional 1,268 shares during the period. 84.88% of the stock is owned by institutional investors and hedge funds.

Synopsys Company Profile

Synopsys, Inc engages in the provision of software products and consulting services in the electronic design automation industry. The firm operates through the following segments: Semiconductor and System Design, and Software Integrity. It provides intellectual property products, which are pre-designed circuits that engineers use as components of larger chip designs, as well as software and hardware that are used to develop the electronic systems that incorporate chips and the software that runs on the circuits.

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Analyst Recommendations for Synopsys (NASDAQ:SNPS)

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