HB Wealth Management LLC grew its position in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 36.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,147 shares of the semiconductor company's stock after purchasing an additional 307 shares during the period. HB Wealth Management LLC's holdings in Synopsys were worth $348,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. Financial Management Professionals Inc. grew its position in shares of 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 in the last quarter. San Luis Wealth Advisors LLC acquired a new stake in shares of Synopsys during the first quarter worth approximately $29,000. MCF Advisors LLC acquired a new stake in shares of Synopsys during the first quarter worth approximately $40,000. Lansing Street Advisors acquired a new stake in shares of Synopsys during the first quarter worth approximately $43,000. Finally, Curi Wealth Management LLC grew its position in shares of Synopsys by 106.8% during the first quarter. Curi Wealth Management LLC now owns 151 shares of the semiconductor company's stock worth $50,000 after buying an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 84.99% of the company's stock.
Get Synopsys alerts:Synopsys Stock Performance
SNPS stock opened at $303.34 on Tuesday. Synopsys, Inc. has a 1 year low of $255.02 and a 1 year high of $391.17. The stock's fifty day moving average is $347.22 and its two-hundred day moving average is $319.92. The stock has a market capitalization of $46.38 billion, a price-to-earnings ratio of 46.03, a PEG ratio of 2.93 and a beta of 1.23.
Synopsys (NASDAQ:SNPS – Get Rating) last issued its quarterly earnings data on Wednesday, August 17th. The semiconductor company reported $2.10 earnings per share 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 business had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same period in the previous year, the business earned $1.27 earnings per share. The company's revenue was up 18.0% on a year-over-year basis. As a group, 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 stock repurchase program on Thursday, September 1st that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.
Insider Activity at Synopsys
In related news, Director Chrysostomos L. Nikias sold 400 shares of Synopsys stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $367.77, for a total transaction of $147,108.00. Following the sale, the director now directly owns 23,395 shares in the company, valued at $8,603,979.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Synopsys news, CRO Joseph W. Logan sold 35,274 shares of the business's stock in a transaction dated 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 in the company, valued at $36,409,108.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Chrysostomos L. Nikias sold 400 shares of the business's stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $367.77, for a total transaction of $147,108.00. Following the completion of the sale, the director now owns 23,395 shares in the company, valued at $8,603,979.15. The disclosure for this sale can be found here. Insiders have sold a total of 45,789 shares of company stock worth $16,386,485 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on SNPS shares. Rosenblatt Securities raised their price target on shares of Synopsys from $390.00 to $405.00 and gave the stock a "buy" rating in a research report on Thursday, August 18th. Robert W. Baird lifted 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. Wells Fargo & Company lifted 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. Needham & Company LLC lifted their price objective on shares of Synopsys from $380.00 to $420.00 and gave the stock a "buy" rating in a report on Thursday, August 18th. Finally, Stifel Nicolaus started coverage on shares of Synopsys in a report on Wednesday, September 7th. They issued a "buy" rating and a $445.00 price objective for the company. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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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