Needham Maintains a Buy Rating on Synopsys (SNPS)

In a report released today, Charles Shi from Needham maintained a Buy rating on Synopsys (SNPSResearch Report), with a price target of $370.00. The company’s shares closed last Wednesday at $306.79.

According to TipRanks.com, Shi is a 2-star analyst with an average return of 1.3% and a 48.4% success rate. Shi covers the Technology sector, focusing on stocks such as Taiwan Semi, Formfactor, and Camtek.

Synopsys has an analyst consensus of Strong Buy, with a price target consensus of $389.73, a 28.8% upside from current levels. In a report issued on February 9, Rosenblatt Securities also maintained a Buy rating on the stock with a $385.00 price target.

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Synopsys’ market cap is currently $46.98B and has a P/E ratio of 63.68.

Based on the recent corporate insider activity of 77 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNPS in relation to earlier this year. Most recently, in December 2021, Trac Pham, the CFO of SNPS sold 34,488 shares for a total of $12,560,874.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

California-based Synopsys, Inc. is a software company which develops electronic products and software applications in the electronic design automation (EDA) industry. The firm operates through two segments: (1) Semiconductor & System Design, which includes EDA tools, IP products, system integration solutions and associated services, and (2) Software Integrity, which includes security and quality solutions for software development across many industries.

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