Synopsys (NASDAQ:SNPS) Lifted to Buy at ValuEngine

ValuEngine upgraded shares of Synopsys (NASDAQ:SNPS) from a hold rating to a buy rating in a research report report published on Thursday, April 12th.

SNPS has been the subject of a number of other reports. KeyCorp reaffirmed an overweight rating and set a $110.00 price target (up from $106.00) on shares of Synopsys in a report on Thursday, February 22nd. BidaskClub cut Synopsys from a buy rating to a hold rating in a report on Friday, February 2nd. Zacks Investment Research cut Synopsys from a hold rating to a strong sell rating in a report on Monday, February 26th. Finally, Royal Bank of Canada reissued a buy rating on shares of Synopsys in a research note on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $97.33.

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Shares of NASDAQ SNPS traded down $0.90 during mid-day trading on Thursday, reaching $83.24. 509,802 shares of the company traded hands, compared to its average volume of 1,015,078. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market cap of $12,744.25, a price-to-earnings ratio of 95.61, a P/E/G ratio of 5.52 and a beta of 1.09. Synopsys has a fifty-two week low of $70.55 and a fifty-two week high of $94.80.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, February 21st. The semiconductor company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. The firm had revenue of $769.40 million during the quarter, compared to the consensus estimate of $750.43 million. Synopsys had a return on equity of 6.72% and a net margin of 1.63%. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 EPS. equities research analysts forecast that Synopsys will post 1.55 earnings per share for the current year.

Synopsys declared that its board has initiated a stock buyback program on Thursday, April 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

In other Synopsys news, CEO Chi-Foon Chan sold 778 shares of Synopsys stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $90.06, for a total transaction of $70,066.68. Following the transaction, the chief executive officer now directly owns 210,131 shares in the company, valued at $18,924,397.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of Synopsys stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $87.00, for a total value of $870,000.00. Following the transaction, the general counsel now owns 23,052 shares in the company, valued at $2,005,524. The disclosure for this sale can be found here. Insiders sold a total of 24,700 shares of company stock worth $2,119,410 over the last 90 days. 1.84% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of Synopsys by 18.8% in the fourth quarter. Wells Fargo & Company MN now owns 720,487 shares of the semiconductor company’s stock valued at $61,415,000 after purchasing an additional 113,892 shares in the last quarter. Jefferies Group LLC acquired a new position in Synopsys during the fourth quarter worth approximately $10,980,000. First Trust Advisors LP grew its position in shares of Synopsys by 426.3% in the fourth quarter. First Trust Advisors LP now owns 1,038,634 shares of the semiconductor company’s stock valued at $88,533,000 after purchasing an additional 841,300 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in shares of Synopsys in the fourth quarter valued at approximately $3,962,000. Finally, State of Alaska Department of Revenue grew its position in shares of Synopsys by 45.5% in the fourth quarter. State of Alaska Department of Revenue now owns 27,905 shares of the semiconductor company’s stock valued at $2,376,000 after purchasing an additional 8,730 shares during the last quarter. Institutional investors own 90.45% of the company’s stock.

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Synopsys Company Profile

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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