Allworth Financial LP increased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,617 shares of the semiconductor company's stock after acquiring an additional 51 shares during the quarter. Allworth Financial LP's holdings in Synopsys were worth $795,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of SNPS. Norges Bank acquired a new position in Synopsys during the fourth quarter worth about $515,268,000. BlackRock Inc. boosted its position in Synopsys by 3.2% during the first quarter. BlackRock Inc. now owns 13,533,731 shares of the semiconductor company's stock worth $4,510,386,000 after acquiring an additional 417,496 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Synopsys by 90.2% during the first quarter. Goldman Sachs Group Inc. now owns 733,196 shares of the semiconductor company's stock worth $244,353,000 after acquiring an additional 347,807 shares during the last quarter. Millennium Management LLC boosted its position in Synopsys by 123.5% during the fourth quarter. Millennium Management LLC now owns 552,400 shares of the semiconductor company's stock worth $203,559,000 after acquiring an additional 305,194 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in Synopsys by 43.9% during the first quarter. Van ECK Associates Corp now owns 983,954 shares of the semiconductor company's stock worth $327,922,000 after acquiring an additional 300,365 shares during the last quarter. 84.99% of the stock is currently owned by institutional investors and hedge funds.
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In related news, COO Sassine Ghazi sold 4,651 shares of the company's stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $300.67, for a total transaction of $1,398,416.17. Following the sale, the chief operating officer now directly owns 45,173 shares of the company's stock, valued at approximately $13,582,165.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Synopsys news, CRO Joseph W. Logan sold 35,274 shares of the stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $364.43, for a total value of $12,854,903.82. Following the sale, the executive now directly owns 99,907 shares of the company's stock, valued at approximately $36,409,108.01. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Sassine Ghazi sold 4,651 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $300.67, for a total transaction of $1,398,416.17. Following the completion of the sale, the chief operating officer now directly owns 45,173 shares in the company, valued at $13,582,165.91. The disclosure for this sale can be found here. Insiders have sold a total of 45,789 shares of company stock valued at $16,386,485 in the last ninety days. Company insiders own 1.20% of the company's stock.
Synopsys Stock Performance
Shares of SNPS stock opened at $303.28 on Friday. Synopsys, Inc. has a one year low of $255.02 and a one year high of $391.17. The firm's 50 day moving average price is $347.36 and its 200-day moving average price is $319.63. The firm has a market cap of $46.37 billion, a P/E ratio of 46.02, a P/E/G ratio of 3.02 and a beta of 1.23.Synopsys (NASDAQ:SNPS – Get Rating) last announced its earnings results on Wednesday, August 17th. The semiconductor company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.11. Synopsys had a net margin of 20.86% and a return on equity of 18.29%. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the firm earned $1.27 EPS. The firm's revenue for the quarter was up 18.0% on a year-over-year basis. As a group, research analysts predict that Synopsys, Inc. will post 6.41 EPS for the current fiscal year.
Synopsys announced that its Board of Directors has approved a share buyback plan on Thursday, September 1st that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.
Analyst Ratings Changes
Several equities analysts have weighed in on SNPS shares. Wells Fargo & Company boosted their target price on shares of Synopsys from $375.00 to $425.00 and gave the company an "overweight" rating in a report on Thursday, August 11th. Bank of America upgraded shares of Synopsys from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $325.00 to $360.00 in a report on Wednesday, June 29th. KeyCorp boosted their target price on shares of Synopsys from $445.00 to $455.00 and gave the company an "overweight" rating in a report on Thursday, August 18th. Stifel Nicolaus started coverage on shares of Synopsys in a report on Wednesday, September 7th. They issued a "buy" rating and a $445.00 target price on the stock. Finally, Needham & Company LLC boosted their target price on shares of Synopsys from $380.00 to $420.00 and gave the company a "buy" rating in a report on Thursday, August 18th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $405.33.
Synopsys Profile
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Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that provides 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.
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