Sycomore Asset Management raised its holdings in Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 18.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,800 shares of the semiconductor company's stock after buying an additional 1,507 shares during the period. Sycomore Asset Management's holdings in Synopsys were worth $2,976,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in SNPS. Norges Bank bought a new position in shares of Synopsys in the fourth quarter valued at $515,268,000. BlackRock Inc. raised its holdings in shares of Synopsys by 3.2% in the first quarter. BlackRock Inc. now owns 13,533,731 shares of the semiconductor company's stock valued at $4,510,386,000 after purchasing an additional 417,496 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Synopsys by 90.2% in the first quarter. Goldman Sachs Group Inc. now owns 733,196 shares of the semiconductor company's stock valued at $244,353,000 after purchasing an additional 347,807 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Synopsys by 123.5% in the fourth quarter. Millennium Management LLC now owns 552,400 shares of the semiconductor company's stock valued at $203,559,000 after purchasing an additional 305,194 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Synopsys by 43.9% in the first quarter. Van ECK Associates Corp now owns 983,954 shares of the semiconductor company's stock valued at $327,922,000 after purchasing an additional 300,365 shares during the last quarter. 84.99% of the stock is owned by institutional investors.
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Wall Street Analyst Weigh In
Several brokerages have recently commented on SNPS. 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. Robert W. Baird increased their target price on shares of Synopsys from $409.00 to $444.00 and gave the company an "outperform" 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 for the company. Wolfe Research started coverage on shares of Synopsys in a report on Tuesday, August 16th. They set an "outperform" rating and a $440.00 price objective for the company. Finally, Wells Fargo & Company raised their price objective on shares of Synopsys from $375.00 to $425.00 and gave the stock 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $405.33.
Insider Buying and Selling at Synopsys
In other Synopsys news, COO Sassine Ghazi sold 4,651 shares of Synopsys 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 sale was disclosed in a document filed with the SEC, which is available at
the SEC website. In other Synopsys news, COO Sassine Ghazi sold 4,651 shares of Synopsys 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 sale was disclosed in a document filed with the SEC, which is available at
the SEC website. Also, CRO Joseph W. Logan sold 35,274 shares of Synopsys stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $364.43, for a total transaction of $12,854,903.82. Following the sale, the executive now owns 99,907 shares of the company's stock, valued at $36,409,108.01. The disclosure for this sale can be found
here. Insiders sold a total of 45,789 shares of company stock worth $16,386,485 over the last three months. 1.20% of the stock is owned by insiders.
Synopsys Trading Up 0.6 %
Shares of SNPS stock traded up $1.85 during trading hours on Tuesday, reaching $305.19. The stock had a trading volume of 7,412 shares, compared to its average volume of 1,169,542. The stock's fifty day simple moving average is $347.22 and its 200 day simple moving average is $319.92. Synopsys, Inc. has a 12 month low of $255.02 and a 12 month high of $391.17. The firm has a market capitalization of $46.67 billion, a PE ratio of 46.03, a PEG ratio of 2.93 and a beta of 1.23.
Synopsys (NASDAQ:SNPS – Get Rating) last released its quarterly earnings data on Wednesday, August 17th. The semiconductor company reported $2.10 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.11. Synopsys had a net margin of 20.86% and a return on equity of 18.29%. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the business earned $1.27 earnings per share. Synopsys's revenue was up 18.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Synopsys, Inc. will post 6.41 EPS for the current fiscal year.
Synopsys declared that its board has approved a stock repurchase program on Thursday, September 1st that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.
About Synopsys
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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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