Synopsys, Inc. (NASDAQ:SNPS) Stake Cut by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. reduced its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 3.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,107 shares of the semiconductor company’s stock after selling 494 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Synopsys were worth $6,904,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SNPS. Dynamic Advisor Solutions LLC acquired a new position in Synopsys in the 1st quarter worth about $1,000,000. Wealth Enhancement Advisory Services LLC increased its position in Synopsys by 3.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company’s stock worth $8,651,000 after purchasing an additional 655 shares during the last quarter. Integrated Advisors Network LLC increased its position in Synopsys by 8.0% in the 1st quarter. Integrated Advisors Network LLC now owns 529 shares of the semiconductor company’s stock worth $227,000 after purchasing an additional 39 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Synopsys by 8.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,748 shares of the semiconductor company’s stock worth $2,894,000 after purchasing an additional 550 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Synopsys in the 4th quarter worth about $1,678,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Trading Down 1.3%

Shares of SNPS opened at $601.55 on Friday. The stock has a fifty day moving average price of $517.83 and a two-hundred day moving average price of $486.98. 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 $618.49. The company has a market cap of $93.34 billion, a price-to-earnings ratio of 43.43, a PEG ratio of 4.03 and a beta of 1.12.

Synopsys (NASDAQ:SNPS) last issued 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. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company posted $3.00 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts predict that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

Insider Activity

In related news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the sale, the executive directly owned 1,485 shares of the company’s stock, valued at $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $5,204,832.38. Following the sale, the chief executive officer directly owned 71,589 shares of the company’s stock, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,686 shares of company stock valued at $13,001,048. Company insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on SNPS. KeyCorp increased their price objective on Synopsys from $540.00 to $610.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Needham & Company LLC reissued a “buy” rating and set a $660.00 price objective (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. Piper Sandler increased their price objective on Synopsys from $615.00 to $660.00 and gave the company an “overweight” rating in a report on Monday, July 21st. Rosenblatt Securities increased their price objective on Synopsys from $625.00 to $650.00 and gave the company a “buy” rating in a report on Friday. Finally, Bank of America increased their price objective on Synopsys from $575.00 to $625.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synopsys presently has an average rating of “Moderate Buy” and a consensus target price of $622.33.

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.