Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC lessened its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,919 shares of the semiconductor company’s stock after selling 625 shares during the period. Sawgrass Asset Management LLC’s holdings in Synopsys were worth $9,742,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Commonwealth Equity Services LLC increased its holdings in shares of Synopsys by 5.6% during the third quarter. Commonwealth Equity Services LLC now owns 6,387 shares of the semiconductor company’s stock valued at $2,932,000 after purchasing an additional 337 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Synopsys by 61.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 3,881 shares of the semiconductor company’s stock valued at $1,781,000 after buying an additional 1,484 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Synopsys by 105.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 8,100 shares of the semiconductor company’s stock worth $3,718,000 after buying an additional 4,154 shares in the last quarter. Concord Wealth Partners lifted its stake in shares of Synopsys by 17.6% in the 3rd quarter. Concord Wealth Partners now owns 588 shares of the semiconductor company’s stock worth $270,000 after acquiring an additional 88 shares during the period. Finally, Lindbrook Capital LLC boosted its holdings in shares of Synopsys by 10.1% in the third quarter. Lindbrook Capital LLC now owns 1,095 shares of the semiconductor company’s stock valued at $503,000 after acquiring an additional 100 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SNPS shares. Piper Sandler started coverage on Synopsys in a research note on Thursday, April 4th. They issued an “overweight” rating and a $665.00 price objective on the stock. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Robert W. Baird increased their target price on shares of Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Needham & Company LLC restated a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research report on Friday, March 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $615.00 price objective on shares of Synopsys in a research note on Thursday, March 21st. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $601.00.

Insider Activity

In related news, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the completion of the sale, the insider now owns 20,000 shares of the company’s stock, valued at $11,587,400. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the sale, the insider now directly owns 20,000 shares in the company, valued at $11,587,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John F. Runkel, Jr. sold 1,219 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $583.95, for a total transaction of $711,835.05. Following the transaction, the insider now owns 26,780 shares in the company, valued at approximately $15,638,181. The disclosure for this sale can be found here. Insiders have sold a total of 26,832 shares of company stock worth $15,464,992 in the last ninety days. Corporate insiders own 0.66% of the company’s stock.

Synopsys Stock Performance

Shares of SNPS stock traded up $0.88 on Wednesday, reaching $550.49. 536,765 shares of the company’s stock traded hands, compared to its average volume of 1,194,149. The company has a market capitalization of $83.95 billion, a P/E ratio of 60.63, a price-to-earnings-growth ratio of 3.14 and a beta of 1.07. Synopsys, Inc. has a 12-month low of $365.46 and a 12-month high of $629.38. The business’s 50 day moving average price is $559.77 and its two-hundred day moving average price is $539.03.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.13. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the company earned $1.75 EPS. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. Research analysts predict that Synopsys, Inc. will post 9.78 earnings per share for the current year.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.