Jennison Associates LLC Buys 517 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Jennison Associates LLC boosted its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 7.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 7,172 shares of the semiconductor company’s stock after purchasing an additional 517 shares during the quarter. Jennison Associates LLC’s holdings in Synopsys were worth $3,693,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in shares of Synopsys in the 3rd quarter valued at about $26,000. Venturi Wealth Management LLC acquired a new stake in Synopsys in the third quarter valued at approximately $27,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Synopsys in the third quarter worth $29,000. Catalyst Capital Advisors LLC increased its position in shares of Synopsys by 34.5% during the third quarter. Catalyst Capital Advisors LLC now owns 113 shares of the semiconductor company’s stock worth $52,000 after purchasing an additional 29 shares in the last quarter. Finally, Keener Financial Planning LLC purchased a new stake in shares of Synopsys during the 4th quarter valued at $56,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Shares of Synopsys stock opened at $543.66 on Friday. The firm has a fifty day moving average price of $563.73 and a 200 day moving average price of $535.97. The stock has a market cap of $82.91 billion, a PE ratio of 59.87, a price-to-earnings-growth ratio of 3.10 and a beta of 1.06. Synopsys, Inc. has a 1 year low of $362.06 and a 1 year high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.43 by $0.13. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business earned $1.75 earnings per share. The firm’s revenue was up 21.1% on a year-over-year basis. As a group, equities analysts expect that Synopsys, Inc. will post 9.78 EPS for the current year.

Insider Buying and Selling at Synopsys

In other Synopsys news, Director Marc N. Casper bought 750 shares of Synopsys stock in a transaction dated Monday, March 25th. The stock was acquired at an average cost of $585.45 per share, with a total value of $439,087.50. Following the purchase, the director now directly owns 1,736 shares in the company, valued at approximately $1,016,341.20. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, Director Marc N. Casper bought 750 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were acquired at an average price of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the transaction, the director now directly owns 1,736 shares in the company, valued at $1,016,341.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roy Vallee sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $11,453,200. 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. Company insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

SNPS has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a research note on Friday, March 22nd. Piper Sandler assumed coverage on Synopsys in a research note on Thursday, April 4th. They set an “overweight” rating and a $665.00 price target on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a research report on Thursday, March 21st. Robert W. Baird lifted their target price on shares of Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a research note on Thursday, February 22nd. Finally, StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Synopsys has an average rating of “Buy” and a consensus price target of $601.00.

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.