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KeyBanc reiterates Synopsys [SNPS] rating to Overweight and sets new price target at $290



KeyBanc maintained its Synopsys [SNPS] rating to the equivalent of Overweight but changed the price ‎target to $290, in a research note dated 2021-01-05. That figure represents around a 13.86% premium ‎from where the company’s shares closed on Monday. Other analysts also revised their coverage, with ‎Robert W. Baird’s analysts reiterating the shares to “an Outperform” rating in a research note to ‎investors issued in mid August. Meanwhile, RBC Capital Mkts had maintained its rating on SNPS to the ‎earlier “an Outperform” rating, in a research note produced for clients August 20, 2020. In addition, ‎there was no change from Needham on August 20, 2020. The rater maintained SNPS to “a Buy” but ‎assigned new target price of $215.

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Is Synopsys ‎Inc. [NASDAQ:SNPS] a Good Buy Right Now?

It should be noted that SNPS technical indicators for ‎short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The ‎average signal changed from 100% Buy in the last week and compares with 80% Buy in the past month. ‎Data from Synopsys Inc.’s Trend Spotter indicated that the signals were Weakest. The stock current ‎average is 0.73 million shares in the past 20 days and the short term average signal indicates a 100% ‎Buy. In the last 50 days, the average trading volume was 0.76 million shares while the medium term ‎average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day ‎average volume stands at 0.77 million shares.

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SNPS Price Performance

On Wall Street, ‎Synopsys Inc. [NASDAQ:SNPS] finished Monday’s session down -1.75% at $254.70. The stock went up ‎to $263.00 at the same session while its lowest single day price was $251.35. In the last five days, it saw ‎a fall of about -0.62%, Synopsys Inc. shares dropped by almost -1.75% since the beginning of the year. ‎However, the share price has dropped to as low as -2.46% below its one year high. On 01/04/21, the ‎company shares recorded $263.00, the highest single-day price it has got to in the last 52-weeks and a ‎‎52-week low was seen on 01/04/21, the same year at $251.35. The company’s shares have inclined by ‎‎79.67% in the past year. The 50-day SMA achieved is $233.54 while the 200-day SMA is $197.07. Volume ‎gained to 0.98 million from 0.41 million in the previous session.

Synopsys Inc. [SNPS] Valuation ‎Measures

Notably, Synopsys Inc. [SNPS] stock cannot be classified as a good candidate in the ‎listing of underestimated low-priced Software – Infrastructure companies to purchase soonest ‎possible with the prevailing 12-month PE ratio of 59.79. The measure means the stock is exchanging at ‎a premium as compared to the 32.69x trailing earnings of the industry. It can be helpful for investors to ‎consider historical price-sales ratio, more specifically, a 10.48 PS value ratio is reported for the last one ‎year of reported earnings. That is higher than the industry average of 2.94 which means SNPS serve an ‎unattractive investment opportunity compared to its competitors.

SNPS Stock Support And ‎Resistance Levels

On the 24-hour scale, the immediate backing is perceived around 249.70 level, ‎and in case of violation of this particular level, it will cause more drop to 244.70 level. On the upper ‎level, 268.00 is still the key resistance. The stock may increase to the subsequent resistance at 261.35. ‎The Relative Strength Index (RSI) pinned on the 14-day chart is 62.26, implying a neutral technical ‎stance while the MACD stands at 4.16, meaning price will increase in the next trading period. Percent R ‎indicator moved to 30.60%, implying low price movement. Stochastic %K at 85.42% suggest selling the ‎stock.

What is the short interest in Synopsys Inc.?

Short interest in the Synopsys Inc. stock ‎has plunged, decreasing by 10000.0 shares to total 1.47 million shares on Dec 14, 2020. The interest had ‎seen shares on Nov 12, 2020 stand at 1.46 million, data from Yahoo Finance shows. The increase of ‎‎0.68% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ‎ratio) moved to while the shorted shares account for just 1.09% of the overall float for the ‎stock.

Synopsys Inc.’s Biggest Shareholders: Who Owns Synopsys Inc. [SNPS]?

Filings by The ‎Vanguard Group, Inc. showed that the firm now holds a total of 16,734,291 shares or roughly 11.03% of ‎the outstanding SNPS shares. This means their shares have reduced by -339,510 from the 16,734,291 ‎the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, T. Rowe Price ‎Associates, Inc. updated stake is worth $2,776,634,770. Details in the latest 13F filings reveal that ‎BlackRock Fund Advisors disposed off their -0.90% stake valued at $1,919,087,398 while SSgA Funds ‎Management, Inc. cut theirs at $1,481,337,130. During the last quarter, BlackRock Fund Advisors ‎liquidated -76,986 of its shares in Synopsys Inc. while SSgA Funds Management, Inc. sold -43,273 ‎shares. The JPMorgan Investment Management, I’s holdings currently number 5,679,002 shares at ‎‎$1446441809.4. According to the firm’s last 13F report, Parnassus Investments shares in the company ‎at filing stood at 3,034,854 shares, roughly $690,429,285.

SNPS Earnings Forecast For The Current ‎Quarter

Synopsys Inc. [SNPS] is expected to report strong earnings results for the quarter ending ‎on Jan 2021. Consensus estimates give the company expected revenues of $958.44M and an earnings ‎per share of $1.47 for Jan 2021. Looking further ahead, the company is expected to report revenue of ‎‎$987.13M at an EPS of $1.53 for Apr 2021.

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SNPS Earnings Estimates For The Current Year

For the ‎financial year, Synopsys Inc. [NASDAQ:SNPS] is expected to bring in revenue of $4.03B. The returns are ‎nearly $340.0 million higher than the company’s actual revenue recorded in the fiscal year 2020. In ‎terms of EPS for the 2021, estimate put it at 6.3, higher than that of FY20 by $0.75. Estimates put this ‎year’s earnings growth at 13.50%, 12.90% for the next, and at an annual 11.50% over the next 5-year ‎period. As for sales, forecasts are for an increase of 9.30% in the current fiscal year and a further 8.20% ‎over the following year.‎

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