Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC trimmed its stake in Synopsys, Inc. (NASDAQ:SNPS) by 0.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,484 shares of the semiconductor company’s stock after selling 26 shares during the quarter. NewEdge Wealth LLC’s holdings in Synopsys were worth $3,339,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Q3 Asset Management acquired a new position in shares of Synopsys in the fourth quarter worth $540,000. Perigon Wealth Management LLC raised its holdings in shares of Synopsys by 11.4% in the fourth quarter. Perigon Wealth Management LLC now owns 1,341 shares of the semiconductor company’s stock worth $690,000 after acquiring an additional 137 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Synopsys by 19.4% in the fourth quarter. Valeo Financial Advisors LLC now owns 633 shares of the semiconductor company’s stock worth $326,000 after acquiring an additional 103 shares during the last quarter. Sapient Capital LLC acquired a new position in shares of Synopsys in the fourth quarter worth $286,000. Finally, Janiczek Wealth Management LLC increased its stake in Synopsys by 6.5% in the fourth quarter. Janiczek Wealth Management LLC now owns 443 shares of the semiconductor company’s stock valued at $228,000 after purchasing an additional 27 shares during the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Synopsys

In related news, insider John F. Runkel, Jr. sold 1,219 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $583.95, for a total value of $711,835.05. Following the completion of the transaction, the insider now owns 26,780 shares of the company’s stock, valued at $15,638,181. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Synopsys news, Director Marc N. Casper purchased 750 shares of Synopsys stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average price of $585.45 per share, with a total value of $439,087.50. Following the completion of the acquisition, the director now owns 1,736 shares of the company’s stock, valued at approximately $1,016,341.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Runkel, Jr. sold 1,219 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $583.95, for a total value of $711,835.05. Following the sale, the insider now owns 26,780 shares in the company, valued at approximately $15,638,181. The disclosure for this sale can be found here. Insiders sold 26,832 shares of company stock valued at $15,464,992 over the last quarter. Company insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SNPS shares. Piper Sandler started coverage on Synopsys in a research note on Thursday, April 4th. They issued an “overweight” rating and a $665.00 target price for the company. Robert W. Baird upped their target price on Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. StockNews.com upgraded Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $615.00 target price on shares of Synopsys in a research note on Thursday, March 21st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Friday, March 22nd. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys currently has a consensus rating of “Buy” and a consensus target price of $601.00.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $557.16 on Friday. Synopsys, Inc. has a 1-year low of $360.36 and a 1-year high of $629.38. The business has a 50-day moving average of $569.84 and a 200-day moving average of $531.80. The company has a market capitalization of $84.97 billion, a price-to-earnings ratio of 61.36, a PEG ratio of 3.25 and a beta of 1.06.

Synopsys (NASDAQ:SNPS) last issued its 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 company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the business earned $1.75 earnings per share. The company’s revenue was up 21.1% compared to the same quarter last year. Research analysts expect that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

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.