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

Covenant Asset Management LLC trimmed its stake in Synopsys, Inc. (NASDAQ:SNPS) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,475 shares of the semiconductor company’s stock after selling 311 shares during the quarter. Synopsys makes up 1.0% of Covenant Asset Management LLC’s portfolio, making the stock its 17th biggest holding. Covenant Asset Management LLC’s holdings in Synopsys were worth $6,317,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. ORG Partners LLC increased its stake in 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 last quarter. Chris Bulman Inc acquired a new position in shares of Synopsys in the second quarter worth about $30,000. Pacifica Partners Inc. acquired a new position in shares of Synopsys in the third quarter worth about $25,000. Tsfg LLC lifted its stake in shares of Synopsys by 75.0% in the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 24 shares in the last quarter. Finally, Fortitude Family Office LLC raised its stake in Synopsys by 66.7% during the second quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 24 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Stock Up 3.0 %

Shares of SNPS opened at $557.73 on Friday. Synopsys, Inc. has a 12-month low of $457.52 and a 12-month high of $629.38. The firm has a market capitalization of $85.67 billion, a price-to-earnings ratio of 57.86, a P/E/G ratio of 3.26 and a beta of 1.08. The stock’s 50-day moving average price is $519.28 and its 200 day moving average price is $545.55.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Tuesday, October 22nd. Berenberg Bank began coverage on Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective for the company. Wells Fargo & Company began coverage on Synopsys in a research note on Friday. They set an “equal weight” rating and a $570.00 price target for the company. Piper Sandler decreased their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Finally, Mizuho started coverage on Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective for the company. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $644.36.

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.