Synopsys, Inc. (NASDAQ:SNPS) Shares Purchased by Concord Asset Management LLC VA

Concord Asset Management LLC VA lifted its stake in Synopsys, Inc. (NASDAQ:SNPS) by 2.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 2,361 shares of the semiconductor company’s stock after purchasing an additional 66 shares during the period. Concord Asset Management LLC VA’s holdings in Synopsys were worth $997,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dynamic Advisor Solutions LLC purchased a new position in Synopsys during the 1st quarter valued at about $1,000,000. Bancreek Capital Management LP purchased a new position in Synopsys during the 4th quarter valued at about $3,827,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Synopsys by 3.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company’s stock valued at $8,651,000 after acquiring an additional 655 shares during the period. Integrated Advisors Network LLC boosted its holdings in Synopsys by 8.0% during the 1st quarter. Integrated Advisors Network LLC now owns 529 shares of the semiconductor company’s stock valued at $227,000 after acquiring an additional 39 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Synopsys by 8.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,748 shares of the semiconductor company’s stock valued at $2,894,000 after acquiring an additional 550 shares during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 11,366 shares of the company’s 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 transaction, the chief executive officer owned 71,589 shares of the company’s stock, valued at $32,782,750.77. This represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Shelagh Glaser sold 7,310 shares of the company’s stock in a transaction 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 transaction, the chief financial officer directly owned 15,291 shares in the company, 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 valued at $13,001,048 over the last quarter. Company insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

SNPS has been the subject of a number of research analyst reports. Stifel Nicolaus set a $550.00 target price on Synopsys in a report on Monday, April 28th. Bank of America reduced their price target on Synopsys from $630.00 to $560.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $615.00 price target (down previously from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Mizuho decreased their target price on Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, Needham & Company LLC boosted their target price on Synopsys from $650.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $613.33.

Synopsys Trading Down 1.7%

NASDAQ:SNPS opened at $549.53 on Tuesday. The firm has a market cap of $85.27 billion, a P/E ratio of 39.68, a PEG ratio of 3.69 and a beta of 1.12. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The stock’s 50 day simple moving average is $500.71 and its 200-day simple moving average is $480.34. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $621.24.

Synopsys (NASDAQ:SNPS) last released its earnings results 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 business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.60 billion. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.00 earnings per share. Equities analysts anticipate that Synopsys, Inc. will post 10.64 EPS for the current year.

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.