E. Ohman J or Asset Management AB Trims Holdings in Synopsys, Inc. (NASDAQ:SNPS)

E. Ohman J or Asset Management AB cut its stake in Synopsys, Inc. (NASDAQ:SNPS) by 5.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 6,530 shares of the semiconductor company’s stock after selling 400 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Synopsys were worth $2,800,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in SNPS. Brighton Jones LLC grew its position in Synopsys by 5.7% during the fourth quarter. Brighton Jones LLC now owns 921 shares of the semiconductor company’s stock worth $447,000 after buying an additional 50 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in Synopsys during the fourth quarter worth about $17,162,000. DAVENPORT & Co LLC grew its position in Synopsys by 2.9% during the fourth quarter. DAVENPORT & Co LLC now owns 2,521 shares of the semiconductor company’s stock worth $1,224,000 after buying an additional 70 shares in the last quarter. Stratos Wealth Partners LTD. grew its position in Synopsys by 14.1% during the fourth quarter. Stratos Wealth Partners LTD. now owns 534 shares of the semiconductor company’s stock worth $259,000 after buying an additional 66 shares in the last quarter. Finally, YANKCOM Partnership purchased a new position in Synopsys during the fourth quarter worth about $230,000. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Piper Sandler restated an “overweight” rating and set a $615.00 target price (down from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Wells Fargo & Company dropped their price target on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Morgan Stanley dropped their price target on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 price target on shares of Synopsys in a research note on Thursday, May 29th. Finally, Bank of America dropped their price target on Synopsys from $630.00 to $560.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Synopsys presently has an average rating of “Moderate Buy” and a consensus price target of $607.14.

Synopsys Trading Up 0.8%

NASDAQ SNPS opened at $486.00 on Friday. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $624.80. The stock has a 50-day moving average of $456.95 and a 200-day moving average of $483.94. The firm has a market cap of $75.41 billion, a PE ratio of 33.47, a price-to-earnings-growth ratio of 3.23 and a beta of 1.11.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.27. Synopsys had a return on equity of 20.48% and a net margin of 36.12%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the previous year, the company posted $3.00 EPS. Synopsys’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, equities research analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the completion of the transaction, the chief executive officer now owns 71,589 shares of the company’s stock, valued at $32,782,750.77. This represents a 13.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.62% of the stock is currently owned by corporate 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.