Penobscot Investment Management Company Inc. Buys Shares of 500 Synopsys, Inc. (NASDAQ:SNPS)

Penobscot Investment Management Company Inc. acquired a new stake in shares of Synopsys, Inc. (NASDAQ:SNPS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 500 shares of the semiconductor company’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNPS. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Synopsys by 78,551.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 41,722,068 shares of the semiconductor company’s stock valued at $18,166,206,000 after purchasing an additional 41,669,021 shares during the period. Norges Bank bought a new position in shares of Synopsys in the 4th quarter worth approximately $891,507,000. Envestnet Asset Management Inc. boosted its holdings in shares of Synopsys by 1,380.4% in the first quarter. Envestnet Asset Management Inc. now owns 2,601,367 shares of the semiconductor company’s stock worth $62,059,000 after buying an additional 2,425,645 shares during the last quarter. Alliancebernstein L.P. grew its position in Synopsys by 351.8% during the fourth quarter. Alliancebernstein L.P. now owns 1,773,216 shares of the semiconductor company’s stock valued at $566,170,000 after buying an additional 1,380,699 shares during the period. Finally, Moneta Group Investment Advisors LLC increased its holdings in Synopsys by 113,493.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,319,960 shares of the semiconductor company’s stock valued at $421,450,000 after buying an additional 1,318,798 shares during the last quarter. Institutional investors own 84.12% of the company’s stock.

Synopsys Trading Up 0.2 %

SNPS opened at $530.63 on Thursday. The stock has a 50-day moving average of $474.09 and a 200 day moving average of $445.75. Synopsys, Inc. has a 12 month low of $312.25 and a 12 month high of $541.84. The firm has a market cap of $80.71 billion, a P/E ratio of 79.36, a P/E/G ratio of 3.55 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, August 16th. The semiconductor company reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.74 by $0.14. Synopsys had a return on equity of 18.01% and a net margin of 18.71%. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the business earned $1.43 EPS. The company’s quarterly revenue was up 19.2% on a year-over-year basis. On average, research analysts forecast that Synopsys, Inc. will post 7.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SNPS has been the topic of several analyst reports. Stifel Nicolaus lifted their price target on shares of Synopsys from $445.00 to $470.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Rosenblatt Securities reissued a “buy” rating and set a $485.00 price target on shares of Synopsys in a report on Wednesday, August 23rd. Bank of America upped their price target on Synopsys from $510.00 to $600.00 in a research report on Tuesday, October 10th. JPMorgan Chase & Co. lifted their price objective on Synopsys from $470.00 to $500.00 and gave the company an “overweight” rating in a research report on Thursday, August 17th. Finally, HSBC began coverage on shares of Synopsys in a report on Friday, September 29th. They issued a “buy” rating and a $551.00 target price for the company. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $506.45.

Insider Transactions at Synopsys

In related news, CAO Sudhindra Kankanwadi sold 7,355 shares of the stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $491.53, for a total value of $3,615,203.15. Following the sale, the chief accounting officer now directly owns 17,029 shares of the company’s stock, valued at approximately $8,370,264.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Sudhindra Kankanwadi sold 7,355 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $491.53, for a total value of $3,615,203.15. Following the transaction, the chief accounting officer now owns 17,029 shares of the company’s stock, valued at approximately $8,370,264.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John F. Runkel, Jr. sold 2,507 shares of Synopsys stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $455.00, for a total transaction of $1,140,685.00. Following the sale, the insider now owns 24,732 shares of the company’s stock, valued at approximately $11,253,060. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,469 shares of company stock worth $8,244,769. 0.69% of the stock is currently owned by insiders.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers 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.