Bangor Savings Bank Grows Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Bangor Savings Bank lifted its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 118.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,843 shares of the semiconductor company’s stock after acquiring an additional 1,540 shares during the quarter. Bangor Savings Bank’s holdings in Synopsys were worth $1,219,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SNPS. Ameriflex Group Inc. bought a new stake in shares of Synopsys in the 4th quarter worth approximately $29,000. Whipplewood Advisors LLC purchased a new position in Synopsys during the 4th quarter valued at $33,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Synopsys during the 4th quarter valued at $34,000. Sierra Ocean LLC purchased a new stake in shares of Synopsys in the 4th quarter worth about $39,000. Finally, Hazlett Burt & Watson Inc. grew its position in shares of Synopsys by 28.6% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company’s stock worth $44,000 after buying an additional 20 shares during the period. 85.47% of the stock is currently owned by institutional investors.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction 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 sale, the chief executive officer now directly owns 71,589 shares in the company, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Rosenblatt Securities lowered their target price on shares of Synopsys from $660.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, May 29th. Morgan Stanley lowered their price objective on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. Piper Sandler reiterated an “overweight” rating and issued a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. Finally, KeyCorp set a $540.00 target price on shares of Synopsys in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $607.14.

Synopsys Stock Performance

SNPS stock opened at $486.00 on Friday. The firm has a fifty day moving average price of $456.95 and a 200 day moving average price of $483.54. Synopsys, Inc. has a fifty-two week low of $365.74 and a fifty-two week high of $624.80. 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 posted its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.40 by $0.27. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. Synopsys’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.00 earnings per share. On average, equities analysts predict that Synopsys, Inc. will post 10.64 EPS for the current year.

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.