Synopsys, Inc. (NASDAQ:SNPS) Stock Position Raised by GraniteShares Advisors LLC

GraniteShares Advisors LLC lifted its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 5.6% during the first quarter, Holdings Channel reports. The firm owned 1,971 shares of the semiconductor company’s stock after purchasing an additional 105 shares during the quarter. GraniteShares Advisors LLC’s holdings in Synopsys were worth $845,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Synopsys by 5.7% in 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 during the period. Union Bancaire Privee UBP SA purchased a new position in Synopsys during the 4th quarter worth approximately $17,162,000. Stratos Wealth Partners LTD. raised its stake in Synopsys by 14.1% during the 4th quarter. Stratos Wealth Partners LTD. now owns 534 shares of the semiconductor company’s stock valued at $259,000 after purchasing an additional 66 shares during the period. Kingsview Wealth Management LLC lifted its holdings in shares of Synopsys by 18.5% in the fourth quarter. Kingsview Wealth Management LLC now owns 563 shares of the semiconductor company’s stock valued at $273,000 after purchasing an additional 88 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Synopsys by 16.7% in the fourth quarter. Empowered Funds LLC now owns 8,468 shares of the semiconductor company’s stock worth $4,110,000 after buying an additional 1,214 shares during the period. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Trading Down 1.1%

Shares of Synopsys stock opened at $494.99 on Friday. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $624.80. The company’s fifty day simple moving average is $464.37 and its 200-day simple moving average is $482.35. The company has a market cap of $76.80 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 3.23 and a beta of 1.11.

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

Insiders Place Their Bets

In other news, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the sale, the chief financial officer now directly owns 15,291 shares in the company, valued at approximately $7,427,144.52. The trade was a 32.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 71,589 shares of the company’s stock, valued at approximately $32,782,750.77. This represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

SNPS has been the topic of several recent analyst reports. Rosenblatt Securities dropped their price target on Synopsys from $660.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, May 29th. Wells Fargo & Company reduced their price target on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Piper Sandler restated an “overweight” rating and set a $615.00 price target (down from $653.00) on shares of Synopsys in a report on Thursday, May 29th. Morgan Stanley decreased their target price on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. Finally, KeyCorp set a $540.00 price target on shares of Synopsys in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.14.

Synopsys Company 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.