Veritable L.P. lowered its position in Synopsys, Inc. (NASDAQ:SNPS – Free Report) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,764 shares of the semiconductor company’s stock after selling 46 shares during the period. Veritable L.P.’s holdings in Synopsys were worth $1,203,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of SNPS. Bank Julius Baer & Co. Ltd Zurich grew its position in Synopsys by 78,551.1% during the second 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 buying an additional 41,669,021 shares during the period. Norges Bank purchased a new position in shares of Synopsys during the 4th quarter worth $891,507,000. Envestnet Asset Management Inc. grew its position in shares of Synopsys by 1,380.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,601,367 shares of the semiconductor company’s stock valued at $62,059,000 after acquiring an additional 2,425,645 shares during the period. Alliancebernstein L.P. increased its stake in shares of Synopsys by 351.8% in the 4th quarter. Alliancebernstein L.P. now owns 1,773,216 shares of the semiconductor company’s stock worth $566,170,000 after purchasing an additional 1,380,699 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC raised its holdings in Synopsys by 113,493.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 1,319,960 shares of the semiconductor company’s stock worth $421,450,000 after purchasing an additional 1,318,798 shares during the period. Hedge funds and other institutional investors own 84.12% of the company’s stock.
Insider Buying and Selling
In other Synopsys news, CAO Sudhindra Kankanwadi sold 7,355 shares of the company’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 directly owns 17,029 shares in the company, valued at approximately $8,370,264.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Sudhindra Kankanwadi sold 7,355 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief accounting officer now owns 17,029 shares of the company’s stock, valued at approximately $8,370,264.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Runkel, Jr. sold 2,507 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 24,697 shares of the company’s stock, valued at approximately $11,221,081.95. The disclosure for this sale can be found here. Insiders have sold 17,469 shares of company stock valued at $8,244,769 in the last 90 days. Company insiders own 0.69% of the company’s stock.
Synopsys Stock Performance
Synopsys (NASDAQ:SNPS – Get Free Report) last released its earnings results on Wednesday, August 16th. The semiconductor company reported $2.88 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.14. The business 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 business’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period last year, the company earned $1.43 earnings per share. As a group, sell-side analysts forecast that Synopsys, Inc. will post 7.88 EPS for the current year.
Wall Street Analyst Weigh In
SNPS has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price target on Synopsys from $470.00 to $500.00 and gave the stock an “overweight” rating in a research report on Thursday, August 17th. Stifel Nicolaus increased their price objective 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. Morgan Stanley started coverage on shares of Synopsys in a research note on Friday, November 10th. They set an “overweight” rating and a $600.00 target price on the stock. HSBC started coverage on Synopsys in a research note on Friday, September 29th. They issued a “buy” rating and a $551.00 price objective for the company. Finally, KeyCorp lifted their target price on Synopsys from $515.00 to $540.00 and gave the company an “overweight” rating in a research note on Friday, October 13th. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $506.45.
Synopsys Company Profile
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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