Advisors Asset Management Inc. Raises Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Advisors Asset Management Inc. lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 4.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,942 shares of the semiconductor company’s stock after purchasing an additional 360 shares during the period. Advisors Asset Management Inc.’s holdings in Synopsys were worth $4,539,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SNPS. Axxcess Wealth Management LLC grew its stake in Synopsys by 44.9% in the 1st quarter. Axxcess Wealth Management LLC now owns 4,030 shares of the semiconductor company’s stock worth $2,303,000 after acquiring an additional 1,249 shares during the period. EP Wealth Advisors LLC grew its stake in Synopsys by 17.6% in the 1st quarter. EP Wealth Advisors LLC now owns 1,400 shares of the semiconductor company’s stock worth $800,000 after acquiring an additional 210 shares during the period. CreativeOne Wealth LLC acquired a new position in shares of Synopsys in the 1st quarter valued at $1,085,000. Shell Asset Management Co. boosted its holdings in shares of Synopsys by 18.2% in the 1st quarter. Shell Asset Management Co. now owns 3,487 shares of the semiconductor company’s stock valued at $1,993,000 after purchasing an additional 536 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of Synopsys in the 1st quarter valued at $81,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Stock Performance

Shares of NASDAQ:SNPS traded up $7.66 during trading on Friday, reaching $546.38. The company had a trading volume of 677,583 shares, compared to its average volume of 752,132. The firm’s fifty day moving average is $589.14 and its 200 day moving average is $565.33. The firm has a market capitalization of $83.71 billion, a PE ratio of 59.39, a price-to-earnings-growth ratio of 3.48 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 released its 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). Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the company earned $1.76 earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Equities analysts predict that Synopsys, Inc. will post 9.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. KeyCorp lifted their price target on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird lifted their target price on shares of Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. Needham & Company LLC restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a report on Thursday, May 23rd. JPMorgan Chase & Co. lifted their target price on shares of Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Finally, Piper Sandler lifted their price target on shares of Synopsys from $672.00 to $687.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $627.18.

Insider Activity

In other news, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the sale, the chief executive officer now owns 62,568 shares in the company, valued at $36,440,228.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $582.41, for a total value of $5,995,328.54. Following the transaction, the chief executive officer now owns 62,568 shares in the company, valued at approximately $36,440,228.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 completion of the sale, the director now directly owns 1,543 shares of the company’s stock, valued at $897,069.34. The disclosure for this sale can be found here. Insiders have sold 81,363 shares of company stock worth $49,361,263 over the last 90 days. 0.66% of the stock is owned by company insiders.

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.