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Watch for Continued Gains in Shares of Synopsys (SNPS)

By James Quinn

Synopsys (NASDAQ:SNPS) traded today at a new 52-week high of $76.45. This new high was reached on below average trading volume as 72,000 shares traded hands, while the average 30-day volume is approximately 749,000 shares.

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market. The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

Synopsys (NASDAQ:SNPS) is currently priced 1.2% above its average consensus analyst price target of $75.22. The stock should find initial support at its 50-day moving average (MA) of $47.53 and further support at its 200-day MA of $47.17.

In the past 52 weeks, Synopsys share prices have been bracketed by a low of $39.26 and a high of $76.45 and are now at $76.11, 94% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.62% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Synopsys on January 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.82. Since that recommendation, shares of Synopsys have risen 23.0%. We continue to monitor SNPS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows synopsys

Ticker(s): SNPS