State of Michigan Retirement System Grows Holdings in Synopsys, Inc. (NASDAQ:SNPS)

State of Michigan Retirement System lifted its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 11.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,523 shares of the semiconductor company’s stock after buying an additional 4,023 shares during the quarter. State of Michigan Retirement System’s holdings in Synopsys were worth $7,512,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SNPS. FMR LLC grew its stake in Synopsys by 1.1% in the 1st quarter. FMR LLC now owns 257,171 shares of the semiconductor company’s stock worth $29,613,000 after acquiring an additional 2,914 shares during the period. Guggenheim Capital LLC increased its stake in Synopsys by 20.1% in the fourth quarter. Guggenheim Capital LLC now owns 53,883 shares of the semiconductor company’s stock valued at $7,501,000 after purchasing an additional 9,007 shares during the last quarter. Macquarie Group Ltd. lifted its position in Synopsys by 158.3% during the fourth quarter. Macquarie Group Ltd. now owns 386,255 shares of the semiconductor company’s stock worth $53,766,000 after buying an additional 236,744 shares during the period. Fulton Bank N.A. boosted its stake in Synopsys by 11.1% in the 1st quarter. Fulton Bank N.A. now owns 1,846 shares of the semiconductor company’s stock worth $238,000 after buying an additional 184 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Synopsys by 7.9% in the 1st quarter. State of Alaska Department of Revenue now owns 88,303 shares of the semiconductor company’s stock valued at $11,371,000 after buying an additional 6,445 shares during the period. 88.83% of the stock is owned by institutional investors and hedge funds.

In other Synopsys news, CFO Trac Pham sold 33,758 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $170.52, for a total transaction of $5,756,414.16. Following the completion of the transaction, the chief financial officer now directly owns 33,783 shares of the company’s stock, valued at approximately $5,760,677.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Joseph W. Logan sold 32,400 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $169.54, for a total transaction of $5,493,096.00. Following the completion of the sale, the executive vice president now directly owns 116,829 shares of the company’s stock, valued at approximately $19,807,188.66. The disclosure for this sale can be found here. Insiders have sold a total of 114,755 shares of company stock worth $20,153,822 over the last 90 days. 1.84% of the stock is owned by company insiders.

SNPS has been the subject of several research analyst reports. BidaskClub lowered shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 15th. KeyCorp lifted their target price on Synopsys from $185.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Wells Fargo & Co upped their price target on Synopsys from $180.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $175.00 price objective on shares of Synopsys in a research note on Thursday, April 9th. Finally, Benchmark boosted their target price on Synopsys from $150.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $186.50.

SNPS opened at $199.22 on Friday. Synopsys, Inc. has a twelve month low of $104.90 and a twelve month high of $204.90. The firm has a market cap of $29.99 billion, a price-to-earnings ratio of 64.89, a PEG ratio of 3.50 and a beta of 1.18. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $193.10 and a 200 day simple moving average of $160.65.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 20th. The semiconductor company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.23. Synopsys had a net margin of 13.96% and a return on equity of 11.53%. The company had revenue of $861.33 million during the quarter, compared to analysts’ expectations of $836.52 million. During the same period in the prior year, the company posted $1.16 EPS. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts forecast that Synopsys, Inc. will post 3.75 earnings per share for the current fiscal year.

Synopsys declared that its Board of Directors has initiated a stock buyback program on Friday, June 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 1.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Synopsys Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; Verification Continuum Platform, which provides 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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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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