Deep-pocketed investors have adopted a bullish approach towards Synopsys SNPS, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SNPS usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Synopsys. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 72% leaning bullish and 27% bearish. Among these notable options, 5 are puts, totaling $365,742, and 6 are calls, amounting to $335,900.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $185.0 to $520.0 for Synopsys during the past quarter.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Synopsys's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Synopsys's whale trades within a strike price range from $185.0 to $520.0 in the last 30 days.
Synopsys Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SNPS | PUT | TRADE | BULLISH | 01/19/24 | $490.00 | $186.0K | 1.0K | 204 |
| SNPS | CALL | TRADE | BULLISH | 12/20/24 | $185.00 | $127.2K | 11 | 0 |
| SNPS | CALL | TRADE | BEARISH | 06/21/24 | $520.00 | $52.5K | 85 | 15 |
| SNPS | PUT | TRADE | BULLISH | 03/15/24 | $510.00 | $47.9K | 211 | 14 |
| SNPS | PUT | SWEEP | BULLISH | 03/15/24 | $510.00 | $47.7K | 211 | 28 |
About Synopsys
Synopsys is a provider of electronic design automation software, intellectual property, and software integrity products. EDA software automates the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. The firm's growing SI business allows customers to continuously manage and test the code base for security and quality. Synopsys' comprehensive portfolio is benefiting from a mutual convergence of semiconductor companies moving up-stack toward systems-like companies, and systems companies moving down-stack toward in-house chip design. The resulting expansion in EDA customers alongside secular digitalization of various end markets benefits EDA vendors like Synopsys.
Synopsys's Current Market Status
- Currently trading with a volume of 496,312, the SNPS's price is down by -1.53%, now at $491.33.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 42 days.
Professional Analyst Ratings for Synopsys
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $630.0.
- An analyst from Wells Fargo has decided to maintain their Overweight rating on Synopsys, which currently sits at a price target of $630.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Synopsys with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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