OVERSEA CHINESE BANKING Corp Ltd Has $27.60 Million Position in Synopsys, Inc. (NASDAQ:SNPS)

OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 221.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,350 shares of the semiconductor company’s stock after purchasing an additional 44,307 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Synopsys were worth $27,596,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Synopsys by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company’s stock valued at $7,029,360,000 after purchasing an additional 120,575 shares during the period. Capital World Investors grew its holdings in Synopsys by 1.6% in the 4th quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company’s stock valued at $3,533,526,000 after buying an additional 114,893 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Synopsys by 21.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock worth $2,864,933,000 after buying an additional 1,045,326 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Synopsys by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company’s stock worth $1,625,230,000 after buying an additional 75,298 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Synopsys by 26.2% during the fourth quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company’s stock worth $916,441,000 after acquiring an additional 391,681 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SNPS shares. Rosenblatt Securities dropped their target price on shares of Synopsys from $660.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, May 29th. Needham & Company LLC reissued a “buy” rating and issued a $650.00 target price on shares of Synopsys in a report on Thursday, May 29th. 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 report on Wednesday, April 16th. 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 report on Thursday, May 29th. Finally, KeyCorp boosted their target price on Synopsys from $540.00 to $610.00 and gave the stock an “overweight” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $612.67.

Synopsys Trading Down 1.2%

Shares of NASDAQ:SNPS opened at $559.28 on Monday. The company has a 50-day simple moving average of $499.27 and a 200 day simple moving average of $479.93. The company has a market capitalization of $86.78 billion, a P/E ratio of 40.38, a price-to-earnings-growth ratio of 3.69 and a beta of 1.12. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02. Synopsys, Inc. has a 52-week low of $365.74 and a 52-week high of $621.24.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.27. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The business’s revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm posted $3.00 earnings per share. Sell-side analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CRO Richard S. Mahoney sold 9,010 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total value of $4,245,602.10. Following the transaction, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Shelagh Glaser sold 7,310 shares of the business’s 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 completion of the sale, the chief financial officer directly owned 15,291 shares of the company’s stock, valued at $7,427,144.52. This represents a 32.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,686 shares of company stock worth $13,001,048 in the last 90 days. Company insiders own 0.62% of the company’s stock.

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.