PNC Financial Services Group Inc. Increases Position in Synopsys, Inc. (NASDAQ:SNPS)

PNC Financial Services Group Inc. raised its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,651 shares of the semiconductor company’s stock after purchasing an additional 104 shares during the period. PNC Financial Services Group Inc.’s holdings in Synopsys were worth $9,089,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Synopsys by 17.7% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 58,650 shares of the semiconductor company’s stock valued at $30,199,000 after purchasing an additional 8,808 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Synopsys during the fourth quarter valued at approximately $4,481,000. Norges Bank bought a new position in shares of Synopsys during the fourth quarter valued at approximately $1,272,143,000. FUKOKU MUTUAL LIFE INSURANCE Co lifted its stake in Synopsys by 141.8% in the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 2,046 shares of the semiconductor company’s stock worth $1,054,000 after acquiring an additional 1,200 shares during the period. Finally, Manchester Capital Management LLC boosted its stake in shares of Synopsys by 106.3% during the 4th quarter. Manchester Capital Management LLC now owns 462 shares of the semiconductor company’s stock valued at $238,000 after purchasing an additional 238 shares in the last quarter. Institutional investors own 85.47% of the company’s stock.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the transaction, the chief executive officer now owns 61,863 shares in the company, valued at $35,726,501.13. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Roy Vallee sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $572.66, for a total value of $5,726,600.00. Following the completion of the transaction, the director now directly owns 20,000 shares in the company, valued at $11,453,200. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the company’s 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 completion of the sale, the chief executive officer now owns 61,863 shares in the company, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,832 shares of company stock valued at $15,464,992. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Synopsys Stock Up 0.3 %

Shares of NASDAQ:SNPS opened at $573.13 on Thursday. The business’s 50 day moving average is $557.38 and its 200 day moving average is $545.99. The stock has a market cap of $87.40 billion, a P/E ratio of 63.12, a price-to-earnings-growth ratio of 3.34 and a beta of 1.07. Synopsys, Inc. has a 52-week low of $390.20 and a 52-week high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing the consensus estimate of $3.03 by ($0.03). The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.76 EPS. On average, sell-side analysts anticipate that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

Synopsys Profile

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.