Synopsys, Inc. (NASDAQ:SNPS) Stock Position Decreased by PFG Advisors

PFG Advisors cut its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 5.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,644 shares of the semiconductor company’s stock after selling 204 shares during the period. PFG Advisors’ holdings in Synopsys were worth $2,083,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. abrdn plc lifted its position in shares of Synopsys by 56.9% in the fourth quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock worth $43,442,000 after purchasing an additional 30,581 shares in the last quarter. Bridgefront Capital LLC bought a new position in shares of Synopsys in the fourth quarter valued at approximately $951,000. Vanguard Group Inc. lifted its position in Synopsys by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock worth $6,977,593,000 after acquiring an additional 203,601 shares during the last quarter. Simplicity Solutions LLC boosted its stake in Synopsys by 55.5% during the 4th quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock valued at $2,219,000 after purchasing an additional 1,539 shares during the period. Finally, Comerica Bank acquired a new stake in shares of Synopsys in the third quarter worth $14,203,000. Institutional investors and hedge funds own 85.47% of the company’s stock.

Analyst Upgrades and Downgrades

SNPS has been the subject of a number of research reports. Piper Sandler raised their price objective on Synopsys from $672.00 to $687.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their target price on Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Robert W. Baird raised their price target on shares of Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Finally, KeyCorp raised their target price on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys presently has an average rating of “Buy” and a consensus price target of $627.18.

Synopsys Price Performance

NASDAQ:SNPS traded up $5.31 during trading hours on Friday, reaching $614.05. 505,046 shares of the stock were exchanged, compared to its average volume of 718,133. The firm has a 50 day moving average of $586.10 and a 200 day moving average of $560.57. The stock has a market cap of $94.08 billion, a PE ratio of 66.74, a PEG ratio of 3.93 and a beta of 1.07. Synopsys, Inc. has a twelve month low of $418.51 and a twelve month high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing the consensus estimate of $3.03 by ($0.03). The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period last year, the company posted $1.76 earnings per share. Equities research analysts anticipate that Synopsys, Inc. will post 9.66 earnings per share for the current year.

Insider Activity at Synopsys

In related news, Director Mercedes Johnson sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the transaction, the director now directly owns 1,543 shares of the company’s stock, valued at approximately $897,069.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Synopsys news, Director Mercedes Johnson sold 5,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the completion of the sale, the director now directly owns 1,543 shares in the company, valued at $897,069.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $582.90, for a total value of $722,213.10. Following the completion of the transaction, the insider now directly owns 20,000 shares in the company, valued at $11,658,000. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,870 shares of company stock worth $49,055,307. Insiders own 0.66% of the company’s stock.

Synopsys Company Profile

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.