Merit Financial Group LLC Increases Stock Position in Synopsys, Inc. $SNPS

Merit Financial Group LLC raised its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 15.1% during the second quarter, Holdings Channel.com reports. The firm owned 19,068 shares of the semiconductor company’s stock after purchasing an additional 2,495 shares during the quarter. Merit Financial Group LLC’s holdings in Synopsys were worth $9,776,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Synopsys by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 14,829,770 shares of the semiconductor company’s stock valued at $6,359,747,000 after purchasing an additional 346,994 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Synopsys by 38.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company’s stock worth $1,043,518,000 after acquiring an additional 673,837 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Synopsys by 6.6% during the 1st quarter. Ameriprise Financial Inc. now owns 2,013,380 shares of the semiconductor company’s stock worth $863,500,000 after acquiring an additional 125,199 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Synopsys by 20.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,816,319 shares of the semiconductor company’s stock worth $778,928,000 after acquiring an additional 305,489 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Synopsys by 22.2% during the 1st quarter. Alliancebernstein L.P. now owns 1,725,211 shares of the semiconductor company’s stock worth $739,857,000 after acquiring an additional 313,218 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Transactions at Synopsys

In related news, CFO Shelagh Glaser sold 3,655 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $609.77, for a total value of $2,228,709.35. Following the completion of the sale, the chief financial officer directly owned 15,317 shares in the company, valued at approximately $9,339,847.09. This represents a 19.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert G. Painter purchased 350 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was bought at an average price of $425.44 per share, with a total value of $148,904.00. Following the completion of the acquisition, the director owned 2,291 shares in the company, valued at $974,683.04. This represents a 18.03% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 30,894 shares of company stock valued at $16,760,783. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SNPS. JPMorgan Chase & Co. decreased their price target on Synopsys from $685.00 to $600.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 10th. Piper Sandler decreased their price target on Synopsys from $660.00 to $630.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Synopsys in a research note on Saturday, September 27th. BNP Paribas began coverage on Synopsys in a research note on Thursday. They set an “underperform” rating and a $425.00 price target on the stock. Finally, Citigroup lowered Synopsys from a “neutral” rating to an “underperform” rating in a research note on Wednesday, September 10th. Eleven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $575.31.

Synopsys Trading Down 0.4%

SNPS stock opened at $469.17 on Monday. The company has a market cap of $87.15 billion, a price-to-earnings ratio of 36.83, a PEG ratio of 5.17 and a beta of 1.10. The company has a quick ratio of 1.51, a current ratio of 1.62 and a debt-to-equity ratio of 0.52. The business has a fifty day simple moving average of $559.15 and a 200-day simple moving average of $510.22. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73.

Synopsys 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.