Palestra Capital Management LLC Invests $33.63 Million in Synopsys, Inc. $SNPS

Palestra Capital Management LLC acquired a new stake in shares of Synopsys, Inc. (NASDAQ:SNPS) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 78,408 shares of the semiconductor company’s stock, valued at approximately $33,625,000. Synopsys makes up about 1.3% of Palestra Capital Management LLC’s portfolio, making the stock its 19th biggest position. Palestra Capital Management LLC owned approximately 0.05% of Synopsys at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Brighton Jones LLC boosted its holdings in shares of Synopsys by 5.7% in the 4th quarter. Brighton Jones LLC now owns 921 shares of the semiconductor company’s stock worth $447,000 after acquiring an additional 50 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of Synopsys by 24.6% in the 4th quarter. Baird Financial Group Inc. now owns 9,048 shares of the semiconductor company’s stock valued at $4,392,000 after acquiring an additional 1,787 shares during the last quarter. Captrust Financial Advisors grew its holdings in shares of Synopsys by 12.7% in the 4th quarter. Captrust Financial Advisors now owns 5,629 shares of the semiconductor company’s stock valued at $2,732,000 after buying an additional 635 shares during the period. Cetera Investment Advisers raised its position in shares of Synopsys by 3.7% during the fourth quarter. Cetera Investment Advisers now owns 28,548 shares of the semiconductor company’s stock worth $13,856,000 after purchasing an additional 1,018 shares during the period. Finally, EP Wealth Advisors LLC lifted its stake in Synopsys by 3.4% in the fourth quarter. EP Wealth Advisors LLC now owns 2,111 shares of the semiconductor company’s stock valued at $1,025,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Insider Buying and Selling at Synopsys

In other news, CRO Richard S. Mahoney sold 9,010 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. The trade was a 85.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the completion of the transaction, the chief executive officer owned 71,615 shares in the company, valued at $42,181,951.15. The trade was 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.

Synopsys Price Performance

Synopsys stock opened at $598.14 on Friday. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The stock has a market cap of $92.81 billion, a P/E ratio of 43.19, a P/E/G ratio of 3.96 and a beta of 1.14. The company’s 50 day moving average price is $594.11 and its two-hundred day moving average price is $506.08. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73.

Analyst Ratings Changes

SNPS has been the subject of a number of recent research reports. Morgan Stanley reaffirmed an “overweight” rating and set a $715.00 price target (up previously from $540.00) on shares of Synopsys in a research report on Monday, August 11th. Wells Fargo & Company reaffirmed a “positive” rating on shares of Synopsys in a research report on Wednesday, August 27th. KeyCorp increased their price objective on shares of Synopsys from $610.00 to $660.00 and gave the company an “overweight” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $660.00 target price (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. Finally, Piper Sandler upped their price target on shares of Synopsys from $615.00 to $660.00 and gave the company an “overweight” rating in a research note on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $638.21.

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.