Prime Capital Investment Advisors LLC Acquires New Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Prime Capital Investment Advisors LLC bought a new position in Synopsys, Inc. (NASDAQ:SNPS) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 979 shares of the semiconductor company’s stock, valued at approximately $504,000.

Other hedge funds have also added to or reduced their stakes in the company. Cibc World Market Inc. lifted its stake in shares of Synopsys by 58.8% in the 1st quarter. Cibc World Market Inc. now owns 11,893 shares of the semiconductor company’s stock worth $3,964,000 after purchasing an additional 4,402 shares during the period. Prudential PLC purchased a new stake in Synopsys during the first quarter valued at approximately $993,000. Sequoia Financial Advisors LLC bought a new position in Synopsys in the first quarter worth approximately $240,000. Covestor Ltd boosted its stake in shares of Synopsys by 18.9% during the 1st quarter. Covestor Ltd now owns 271 shares of the semiconductor company’s stock worth $90,000 after acquiring an additional 43 shares during the last quarter. Finally, Mather Group LLC. grew its position in shares of Synopsys by 64.4% during the 1st quarter. Mather Group LLC. now owns 1,680 shares of the semiconductor company’s stock valued at $560,000 after acquiring an additional 658 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Price Performance

SNPS stock opened at $561.23 on Thursday. Synopsys, Inc. has a 1-year low of $360.36 and a 1-year high of $629.38. The company has a market capitalization of $85.59 billion, a price-to-earnings ratio of 61.81, a PEG ratio of 3.37 and a beta of 1.06. The business has a 50 day simple moving average of $569.29 and a two-hundred day simple moving average of $530.21.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.43 by $0.13. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the company posted $1.75 EPS. The firm’s revenue for the quarter was up 21.1% compared to the same quarter last year. Sell-side analysts anticipate that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SNPS has been the topic of a number of recent research reports. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Piper Sandler initiated coverage on Synopsys in a research note on Thursday, April 4th. They issued an “overweight” rating and a $665.00 price objective on the stock. Wells Fargo & Company boosted their price objective on Synopsys from $620.00 to $630.00 and gave the company an “overweight” rating in a research note on Wednesday, December 13th. Needham & Company LLC reiterated a “buy” rating and set a $660.00 price objective on shares of Synopsys in a research note on Friday, March 22nd. Finally, Robert W. Baird boosted their price objective on Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys has a consensus rating of “Buy” and an average target price of $601.00.

Insiders Place Their Bets

In other Synopsys news, insider John F. Runkel, Jr. sold 5,319 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John F. Runkel, Jr. sold 5,319 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the completion of the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following the transaction, the chief executive officer now owns 61,863 shares of the company’s stock, valued at $35,726,501.13. The disclosure for this sale can be found here. Insiders sold 26,832 shares of company stock worth $15,464,992 in the last three months. 0.66% of the stock is owned by company insiders.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. 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.