Sumitomo Mitsui DS Asset Management Company Ltd Increases Position in Synopsys, Inc. (NASDAQ:SNPS)

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 2.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 42,385 shares of the semiconductor company’s stock after acquiring an additional 1,038 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Synopsys were worth $21,463,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SNPS. ORG Partners LLC grew its position in shares of Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 36 shares during the period. Pacifica Partners Inc. purchased a new position in Synopsys during the third quarter worth about $25,000. Tsfg LLC boosted its stake in Synopsys by 75.0% in the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after buying an additional 24 shares during the last quarter. Chris Bulman Inc purchased a new stake in Synopsys in the 2nd quarter valued at about $30,000. Finally, Fortitude Family Office LLC increased its stake in shares of Synopsys by 66.7% during the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 24 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and issued a $687.00 target price on shares of Synopsys in a research report on Thursday, August 22nd. KeyCorp increased their price target on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. boosted their price objective on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Rosenblatt Securities restated a “buy” rating and set a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Finally, Robert W. Baird lifted their target price on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $644.00.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $504.69 on Friday. The company has a market capitalization of $77.53 billion, a price-to-earnings ratio of 52.35, a PEG ratio of 3.73 and a beta of 1.08. Synopsys, Inc. has a 1-year low of $448.91 and a 1-year high of $629.38. The business has a 50-day moving average of $512.37 and a 200-day moving average of $548.41.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the business earned $2.17 EPS. The business’s revenue was up 12.7% on a year-over-year basis. Research analysts expect that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the sale, the chief executive officer now owns 62,568 shares in the company, valued at $34,655,789.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.66% of the company’s stock.

Synopsys 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.