Bank of America Corp DE Decreases Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Bank of America Corp DE decreased its position in Synopsys, Inc. (NASDAQ:SNPSGet Rating) by 6.7% during the 1st quarter, Holdings Channel reports. The firm owned 513,962 shares of the semiconductor company’s stock after selling 36,828 shares during the period. Bank of America Corp DE’s holdings in Synopsys were worth $171,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. San Luis Wealth Advisors LLC bought a new position in shares of Synopsys in the first quarter worth approximately $29,000. MCF Advisors LLC bought a new position in shares of Synopsys in the first quarter worth approximately $40,000. Lansing Street Advisors bought a new stake in Synopsys in the first quarter valued at $43,000. Curi Wealth Management LLC increased its position in Synopsys by 106.8% during the 1st quarter. Curi Wealth Management LLC now owns 151 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 78 shares during the period. Finally, CVA Family Office LLC raised its holdings in Synopsys by 78.9% in the 1st quarter. CVA Family Office LLC now owns 170 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 84.99% of the company’s stock.

Insider Activity

In other news, 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 sale, the chief operating officer now owns 45,173 shares in the company, valued at $13,582,165.91. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, COO Sassine Ghazi sold 4,651 shares of the firm’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 value of $1,398,416.17. Following the sale, the chief operating officer now owns 45,173 shares in the company, valued at $13,582,165.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mercedes Johnson sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $360.00, for a total transaction of $720,000.00. Following the completion of the sale, the director now owns 5,346 shares in the company, valued at approximately $1,924,560. 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 90 days. 1.20% of the stock is currently owned by insiders.

Synopsys Stock Performance

Shares of NASDAQ SNPS opened at $313.11 on Thursday. Synopsys, Inc. has a fifty-two week low of $255.02 and a fifty-two week high of $391.17. The company has a 50 day simple moving average of $347.54 and a two-hundred day simple moving average of $319.51. The company has a market capitalization of $47.88 billion, a price-to-earnings ratio of 47.51, a P/E/G ratio of 3.06 and a beta of 1.23.

Synopsys (NASDAQ:SNPSGet Rating) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the firm earned $1.27 earnings per share. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. On average, analysts forecast that Synopsys, Inc. will post 6.41 earnings per share for the current fiscal year.

Synopsys announced that its Board of Directors has initiated a stock buyback program on Thursday, September 1st that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

SNPS has been the topic of a number of research reports. Wells Fargo & Company lifted their target price on shares of Synopsys from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Thursday, August 11th. Stifel Nicolaus started coverage on shares of Synopsys in a research note on Wednesday, September 7th. They issued a “buy” rating and a $445.00 price target for the company. Bank of America raised shares of Synopsys from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $325.00 to $360.00 in a research note on Wednesday, June 29th. Robert W. Baird increased their price target on shares of Synopsys from $409.00 to $444.00 and gave the stock an “outperform” rating in a research note on Thursday, August 18th. Finally, Needham & Company LLC increased their price target on shares of Synopsys from $380.00 to $420.00 and gave the stock a “buy” rating in a research note on Thursday, August 18th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus 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.

See Also

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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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