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Synopsys (NASDAQ:SNPS) was recently upgraded from a “buy” rating to a “strong-buy” rating by StockNews.com. The stock has received multiple price target increases, with an average price target of $576.60. Synopsys stock traded down 6.3% to $524.46. The company’s 50-day simple moving average is $519.15 and its 200-day simple moving average is $473.58. Synopsys also recently reported an earnings per share of $3.17 for the quarter, beating the consensus estimate of $3.04 by $0.13.

Despite insider activity, with an executive recently selling 7,355 shares, institutional inflows have continued. Multiple hedge funds have increased their stakes in Synopsys, with Fred Alger Management LLC, Quent Capital LLC, UMB Bank n.a., Obermeyer Wood Investment Counsel Lllp, and Wedmont Private Capital all growing their holdings in the company. Synopsys provides electronic design automation software products used in the design and testing of integrated circuits.

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Read more: Synopsys (NASDAQ:SNPS) Upgraded to “Strong-Buy” at StockNews.com