Synopsys beats Q4 estimates, but Piper Sandler flags margin concerns; shares down

** Shares of chip design software provider Synopsys SNPS fall 1.2% to $470.04 premarket

** Co beat analysts' estimates for fourth-quarter revenue on Wednesday, driven by strong demand for its chip design tools

** Piper Sandler cuts PT to $602 from $630; maintains "overweight" stance on stock

** Brokerage says co met expectations on growth, China/IP risk management and profitability gains from a 10% reduction in workforce

** But slower electronic design automation growth and weak free cash flow margins remain concerns - Piper Sandler

** Average rating of 25 analysts is "buy"; median PT $550 - data compiled by LSEG

** As of last close, stock down nearly 2% YTD