Empowered Funds LLC Grows Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Empowered Funds LLC boosted its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 13.2% in the third quarter, Holdings Channel reports. The fund owned 7,254 shares of the semiconductor company’s stock after purchasing an additional 844 shares during the period. Empowered Funds LLC’s holdings in Synopsys were worth $3,673,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swedbank AB acquired a new position in Synopsys during the 1st quarter worth approximately $1,051,637,000. Price T Rowe Associates Inc. MD raised its position in Synopsys by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after acquiring an additional 1,514,449 shares in the last quarter. Sustainable Growth Advisers LP acquired a new stake in Synopsys in the second quarter valued at $572,050,000. Capital World Investors boosted its position in shares of Synopsys by 12.5% during the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock worth $4,211,892,000 after purchasing an additional 818,485 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Synopsys by 26.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after purchasing an additional 335,993 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $640.00 price target on shares of Synopsys in a report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price target on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Robert W. Baird upped their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Loop Capital began coverage on Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 price objective for the company. Finally, Rosenblatt Securities restated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Friday, August 23rd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys has a consensus rating of “Buy” and an average price target of $649.82.

Synopsys Stock Performance

SNPS opened at $523.98 on Tuesday. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The company’s 50 day simple moving average is $515.34 and its 200 day simple moving average is $545.52. The stock has a market capitalization of $80.49 billion, a PE ratio of 54.35, a P/E/G ratio of 3.18 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last announced 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. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. Synopsys’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the business earned $2.17 EPS. As a group, sell-side analysts expect that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $34,655,789.52. The trade was a 14.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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.