Needham & Company LLC Increases Synopsys (SNPS) Price Target to $100.00

Synopsys (NASDAQ:SNPS) had its target price upped by equities researchers at Needham & Company LLC from $83.00 to $100.00 in a report issued on Friday. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 10.72% from the company’s previous close.

Several other research firms have also weighed in on SNPS. Credit Suisse Group reissued an “outperform” rating on shares of Synopsys in a research note on Thursday, August 31st. TheStreet lowered shares of Synopsys from an “a” rating to a “c+” rating in a research note on Wednesday. Zacks Investment Research raised shares of Synopsys from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a research note on Tuesday, October 3rd. KeyCorp reaffirmed an “overweight” rating and issued a $106.00 price target (up previously from $86.00) on shares of Synopsys in a research note on Thursday. Finally, reaffirmed an “average” rating on shares of Synopsys in a research note on Thursday, September 14th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Synopsys has an average rating of “Buy” and a consensus target price of $98.13.

Synopsys (NASDAQ SNPS) opened at $90.32 on Friday. Synopsys has a one year low of $56.03 and a one year high of $94.80. The firm has a market cap of $13,570.00, a P/E ratio of 74.08, a P/E/G ratio of 4.11 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.07 and a current ratio of 1.04.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, November 29th. The semiconductor company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12. Synopsys had a net margin of 5.01% and a return on equity of 5.78%. The business had revenue of $696.60 million for the quarter, compared to analyst estimates of $650.72 million. During the same quarter last year, the firm earned $0.77 EPS. Synopsys’s quarterly revenue was up 9.9% compared to the same quarter last year. analysts forecast that Synopsys will post 2.41 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in SNPS. Louisiana State Employees Retirement System lifted its position in shares of Synopsys by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 9,300 shares of the semiconductor company’s stock worth $678,000 after purchasing an additional 100 shares in the last quarter. Hartford Investment Management Co. lifted its position in shares of Synopsys by 0.6% in the second quarter. Hartford Investment Management Co. now owns 34,789 shares of the semiconductor company’s stock worth $2,537,000 after purchasing an additional 208 shares in the last quarter. Strs Ohio lifted its position in shares of Synopsys by 24.3% in the second quarter. Strs Ohio now owns 19,275 shares of the semiconductor company’s stock worth $1,405,000 after purchasing an additional 3,768 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Synopsys by 292.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,170 shares of the semiconductor company’s stock worth $1,398,000 after purchasing an additional 14,290 shares in the last quarter. Finally, Bbva Compass Bancshares Inc. lifted its position in shares of Synopsys by 1.7% in the second quarter. Bbva Compass Bancshares Inc. now owns 15,862 shares of the semiconductor company’s stock worth $1,157,000 after purchasing an additional 268 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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