New Century Financial Group LLC Invests $243,000 in Synopsys, Inc. (NASDAQ:SNPS)

New Century Financial Group LLC purchased a new position in Synopsys, Inc. (NASDAQ:SNPS) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 566 shares of the semiconductor company’s stock, valued at approximately $243,000.

A number of other hedge funds have also recently made changes to their positions in SNPS. Bancreek Capital Management LP purchased a new position in shares of Synopsys in the fourth quarter worth $3,827,000. Meridiem Investment Management Ltd. increased its position in Synopsys by 13.1% during the fourth quarter. Meridiem Investment Management Ltd. now owns 557,174 shares of the semiconductor company’s stock valued at $270,322,000 after acquiring an additional 64,322 shares during the last quarter. CIBC Asset Management Inc increased its position in Synopsys by 7.6% during the fourth quarter. CIBC Asset Management Inc now owns 74,789 shares of the semiconductor company’s stock valued at $36,300,000 after acquiring an additional 5,253 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Synopsys by 1.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,412 shares of the semiconductor company’s stock valued at $26,268,000 after acquiring an additional 587 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Synopsys during the fourth quarter valued at $25,444,000. 85.47% of the stock is owned by institutional investors.

Synopsys Trading Down 3.3%

Shares of Synopsys stock opened at $478.86 on Friday. The firm has a market cap of $74.30 billion, a PE ratio of 32.98, a PEG ratio of 3.23 and a beta of 1.11. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80. The stock has a 50 day moving average of $466.31 and a 200 day moving average of $481.83.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.27. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates 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 period last year, the company earned $3.00 EPS. As a group, equities research analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sassine Ghazi sold 11,366 shares of the firm’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 value of $5,204,832.38. Following the completion of the sale, the chief executive officer now directly owns 71,589 shares of the company’s stock, valued at $32,782,750.77. This trade represents a 13.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Shelagh Glaser sold 7,310 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the sale, the chief financial officer now owns 15,291 shares in the company, valued at approximately $7,427,144.52. The trade was a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on SNPS. KeyCorp set a $540.00 price target on Synopsys in a report on Tuesday, June 3rd. Piper Sandler reissued an “overweight” rating and set a $615.00 price target (down previously from $653.00) on shares of Synopsys in a report on Thursday, May 29th. Morgan Stanley cut their price target on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Wells Fargo & Company dropped their price objective 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. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $607.14.

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.