Westpac Banking Corp cut its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS – Free Report) by 80.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,183 shares of the semiconductor company’s stock after selling 28,755 shares during the period. Westpac Banking Corp’s holdings in Synopsys were worth $3,128,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Freedom Wealth Alliance LLC bought a new position in shares of Synopsys during the 4th quarter worth approximately $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Synopsys during the 2nd quarter valued at $28,000. VitalStone Financial LLC acquired a new stake in shares of Synopsys in the 1st quarter worth $30,000. Ancora Advisors LLC purchased a new position in Synopsys during the 4th quarter worth $30,000. Finally, HHM Wealth Advisors LLC acquired a new position in Synopsys during the 1st quarter valued at about $31,000. 84.12% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on SNPS shares. Bank of America boosted their price target on Synopsys from $510.00 to $600.00 in a research note on Tuesday, October 10th. Needham & Company LLC restated a “buy” rating and set a $500.00 price target on shares of Synopsys in a research note on Tuesday, August 15th. HSBC began coverage on shares of Synopsys in a research note on Friday, September 29th. They set a “buy” rating and a $551.00 price objective for the company. Morgan Stanley initiated coverage on Synopsys in a research note on Friday, November 10th. They issued an “overweight” rating and a $600.00 target price for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $485.00 price target on shares of Synopsys in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Synopsys presently has a consensus rating of “Buy” and an average target price of $506.45.
Insider Activity at Synopsys
In related news, insider John F. Runkel, Jr. sold 2,507 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $454.35, for a total transaction of $1,139,055.45. Following the transaction, the insider now owns 24,697 shares of the company’s stock, valued at approximately $11,221,081.95. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Synopsys news, insider John F. Runkel, Jr. sold 2,507 shares of Synopsys stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $454.35, for a total transaction of $1,139,055.45. Following the completion of the sale, the insider now directly owns 24,697 shares of the company’s stock, valued at approximately $11,221,081.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sudhindra Kankanwadi sold 5,100 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $460.75, for a total transaction of $2,349,825.00. Following the completion of the transaction, the chief accounting officer now owns 16,793 shares of the company’s stock, valued at approximately $7,737,374.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,469 shares of company stock worth $8,244,769. Company insiders own 0.69% of the company’s stock.
Synopsys Stock Up 0.5 %
Shares of SNPS stock traded up $2.47 during mid-day trading on Thursday, hitting $531.79. 142,681 shares of the stock were exchanged, compared to its average volume of 841,538. Synopsys, Inc. has a 52-week low of $312.25 and a 52-week high of $541.84. The firm has a fifty day moving average of $474.09 and a 200 day moving average of $445.75. The company has a market cap of $80.89 billion, a PE ratio of 79.55, a price-to-earnings-growth ratio of 3.55 and a beta of 1.08.
Synopsys (NASDAQ:SNPS – Get Free Report) last posted its quarterly earnings data on Wednesday, August 16th. The semiconductor company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.74 by $0.14. The firm had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.48 billion. Synopsys had a return on equity of 18.01% and a net margin of 18.71%. The firm’s revenue was up 19.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.43 EPS. Equities analysts predict that Synopsys, Inc. will post 7.88 EPS for the current year.
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.
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