Loop Capital Gives Synopsys a Boost with ‘Buy’ Rating
Fintel reports that on November 11, 2024, Loop Capital initiated coverage of Synopsys (NasdaqGS:SNPS) with a Buy recommendation.
Analyst Price Forecast: Expect 18.31% Growth
As of October 22, 2024, the average one-year price target for Synopsys is $654.83 per share. The estimates vary, with a low of $501.08 and a high of $743.17. This average price target suggests an increase of 18.31% from its last closing price of $553.47 per share.
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Annual Revenue and Earnings Expectations
The projected annual revenue for Synopsys is $6,555 million, showing a modest increase of 1.10%. Non-GAAP earnings per share (EPS) are expected to be 11.85.
Evaluating Fund Sentiment
A total of 2,355 funds or institutions currently hold shares in Synopsys. This reflects a slight decrease of 36 owners, or 1.51%, over the last quarter. On average, the weight of all funds dedicated to SNPS is now 0.44%, which represents a growth of 5.42%. Institutional ownership has increased by 3.46% over the last three months, totaling 163,784K shares. 
The current put/call ratio for SNPS is 1.17, signaling a bearish sentiment among investors.
Institutional Moves: Who’s Buying and Selling?
Capital World Investors holds 7,395K shares, equivalent to 4.81% ownership of Synopsys. This is a slight increase from their previous filing of 7,370K shares, reflecting an increase of 0.34%. Over the last quarter, their portfolio allocation in SNPS rose by 2.94%.
Price T Rowe Associates owns 5,548K shares, which accounts for 3.61% of the company. Their prior filing showed ownership of 5,338K shares, signifying an increase of 3.79% and a 5.66% growth in portfolio allocation over the same period.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,840K shares, representing 3.15% ownership. They increased their shares from 4,795K, marking a 0.93% rise in ownership and a 2.20% increase in portfolio focus on SNPS.
JPMorgan Chase reported ownership of 4,054K shares, or 2.64%. However, this indicates a significant decrease of 45.96% from their previous 5,917K shares. Their commitment to SNPS also fell by 96.36% in their portfolio.
VFINX – Vanguard 500 Index Fund Investor Shares, with 3,915K shares, holds 2.55% ownership. This marked an increase from their prior 3,844K shares, reflecting a rise of 1.82% in their stake and a 0.40% uptick in portfolio allocation to SNPS.
About Synopsys
Background Information:
(This description is provided by the company.)
Synopsys is recognized as a Silicon to Software™ partner for companies advancing electronic products and software applications. As part of the S&P 500, it boasts a longstanding reputation as a leader in electronic design automation (EDA) and semiconductor IP. Synopsys offers a vast range of application security testing tools and services vital for designers of advanced semiconductors and software developers ensuring the creation of secure, high-quality code.
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This story originally appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
