Harbor Capital Advisors Inc. Buys 1,569 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Harbor Capital Advisors Inc. increased its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 92.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,260 shares of the semiconductor company’s stock after purchasing an additional 1,569 shares during the period. Harbor Capital Advisors Inc.’s holdings in Synopsys were worth $1,398,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in shares of Synopsys in the fourth quarter valued at approximately $29,000. Whipplewood Advisors LLC acquired a new stake in shares of Synopsys during the 4th quarter valued at $33,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Synopsys in the fourth quarter valued at approximately $34,000. Sierra Ocean LLC acquired a new position in shares of Synopsys during the fourth quarter worth $39,000. Finally, Hazlett Burt & Watson Inc. raised its position in Synopsys by 28.6% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 20 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Synopsys

In related news, CFO Shelagh Glaser sold 7,310 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the transaction, the chief financial officer now owns 15,291 shares of the company’s stock, valued at $7,427,144.52. This represents a 32.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the firm’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the transaction, the chief executive officer now directly owns 71,589 shares in the company, valued at $32,782,750.77. This trade represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.62% of the company’s stock.

Synopsys Stock Performance

NASDAQ:SNPS opened at $494.99 on Friday. Synopsys, Inc. has a 52-week low of $365.74 and a 52-week high of $624.80. The firm has a market capitalization of $76.80 billion, a PE ratio of 34.09, a P/E/G ratio of 3.23 and a beta of 1.11. The stock has a 50-day simple moving average of $464.37 and a two-hundred day simple moving average of $482.35.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.27. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. Synopsys’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.00 earnings per share. Equities analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SNPS shares. KeyCorp set a $540.00 target price on shares of Synopsys in a research note on Tuesday, June 3rd. Stifel Nicolaus set a $550.00 price objective on Synopsys in a report on Monday, April 28th. Mizuho lowered their target price on shares of Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Piper Sandler reaffirmed an “overweight” rating and set a $615.00 target price (down from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Finally, Bank of America lowered their price target on shares of Synopsys from $630.00 to $560.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $607.14.

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.