Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by Avantax Planning Partners Inc.

Avantax Planning Partners Inc. lessened its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 8.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,309 shares of the semiconductor company’s stock after selling 128 shares during the period. Avantax Planning Partners Inc.’s holdings in Synopsys were worth $674,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new position in Synopsys during the fourth quarter worth about $1,272,143,000. Ameriprise Financial Inc. lifted its stake in Synopsys by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company’s stock worth $925,744,000 after purchasing an additional 344,430 shares in the last quarter. FMR LLC boosted its position in shares of Synopsys by 8.9% during the third quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company’s stock worth $1,850,594,000 after buying an additional 330,206 shares during the period. Wellington Management Group LLP raised its holdings in shares of Synopsys by 228.8% in the 3rd quarter. Wellington Management Group LLP now owns 386,773 shares of the semiconductor company’s stock valued at $177,517,000 after buying an additional 269,130 shares during the period. Finally, Van ECK Associates Corp lifted its stake in Synopsys by 25.8% during the 4th quarter. Van ECK Associates Corp now owns 929,376 shares of the semiconductor company’s stock worth $478,545,000 after acquiring an additional 190,330 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Analyst Upgrades and Downgrades

SNPS has been the subject of several research reports. JPMorgan Chase & Co. lifted their target price on Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a research report on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $672.00 target price (up from $665.00) on shares of Synopsys in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research report on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and set a $615.00 price objective on shares of Synopsys in a research report on Thursday. Finally, Robert W. Baird lifted their target price on Synopsys from $640.00 to $645.00 and gave the company an “outperform” rating in a report on Thursday. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $616.18.

Synopsys Price Performance

Shares of NASDAQ SNPS traded up $1.10 during midday trading on Friday, hitting $587.40. 725,828 shares of the company’s stock were exchanged, compared to its average volume of 755,899. The firm’s fifty day simple moving average is $558.67 and its 200-day simple moving average is $546.95. The company has a market cap of $89.58 billion, a PE ratio of 63.85, a P/E/G ratio of 3.42 and a beta of 1.07. Synopsys, Inc. has a twelve month low of $409.83 and a twelve month high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the business posted $1.76 EPS. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts anticipate that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

Insider Activity at Synopsys

In related news, insider John F. Runkel, Jr. sold 5,319 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 completion of the acquisition, the director now owns 1,736 shares of the company’s stock, valued at $1,016,341.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John F. Runkel, Jr. sold 5,319 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

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.