Veriti Management LLC boosted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 19.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,609 shares of the semiconductor company's stock after buying an additional 753 shares during the period. Veriti Management LLC's holdings in Synopsys were worth $1,400,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Financial Management Professionals Inc. raised its holdings in Synopsys by 178.1% during the second quarter. Financial Management Professionals Inc. now owns 89 shares of the semiconductor company's stock worth $27,000 after buying an additional 57 shares during the last quarter. San Luis Wealth Advisors LLC acquired a new position in Synopsys during the first quarter worth $29,000. MCF Advisors LLC acquired a new position in Synopsys during the first quarter worth $40,000. Lansing Street Advisors acquired a new position in Synopsys during the first quarter worth $43,000. Finally, Newfound Research LLC acquired a new position in Synopsys during the second quarter worth $48,000. Institutional investors and hedge funds own 84.99% of the company's stock.
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Synopsys Stock Performance
NASDAQ SNPS opened at $303.28 on Monday. Synopsys, Inc. has a 52-week low of $255.02 and a 52-week high of $391.17. The company has a 50-day simple moving average of $347.36 and a 200 day simple moving average of $319.85. The company has a market capitalization of $46.37 billion, a PE ratio of 46.02, a price-to-earnings-growth ratio of 2.93 and a beta of 1.23.
Synopsys (NASDAQ:SNPS – Get Rating) last posted its quarterly earnings data on Wednesday, August 17th. The semiconductor company reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.11. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.21 billion. Synopsys had a net
margin of 20.86% and a return on equity of 18.29%. The firm's quarterly revenue was up 18.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.27 earnings per share. As a group, analysts forecast that Synopsys, Inc. will post 6.41 EPS for the current fiscal year.
Synopsys declared that its board has approved a share repurchase plan on Thursday, September 1st that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.
Insiders Place Their Bets
In other Synopsys news, COO Sassine Ghazi sold 4,651 shares of the stock in a transaction dated 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 transaction, the chief operating officer now owns 45,173 shares in the company, valued at $13,582,165.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Synopsys news, COO Sassine Ghazi sold 4,651 shares of the stock in a transaction dated 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 transaction, the chief operating officer now owns 45,173 shares in the company, valued at $13,582,165.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Runkel, Jr. sold 3,464 shares of the stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $365.49, for a total transaction of $1,266,057.36. Following the transaction, the insider now owns 22,623 shares of the company's stock, valued at approximately $8,268,480.27. The disclosure for this sale can be found here. Insiders sold 45,789 shares of company stock worth $16,386,485 over the last quarter. 1.20% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on SNPS shares. Robert W. Baird upped their price objective on shares of Synopsys from $409.00 to $444.00 and gave the stock an "outperform" rating in a report on Thursday, August 18th. KeyCorp increased 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. Needham & Company LLC increased 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. Bank of America upgraded shares of Synopsys from an "underperform" rating to a "neutral" rating and increased their target price for the company from $325.00 to $360.00 in a report on Wednesday, June 29th. Finally, Wells Fargo & Company increased 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. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $405.33.
Synopsys Company 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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