Synopsys, Inc. (NASDAQ:SNPS) Shares Bought by Covestor Ltd

Covestor Ltd raised its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 33.3% in the 1st quarter, HoldingsChannel reports. The fund owned 312 shares of the semiconductor company’s stock after buying an additional 78 shares during the quarter. Covestor Ltd’s holdings in Synopsys were worth $179,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Beaumont Financial Advisors LLC acquired a new position in Synopsys in the first quarter valued at approximately $221,000. Cynosure Group LLC acquired a new position in shares of Synopsys in the 1st quarter valued at $767,000. Jacobi Capital Management LLC grew its position in shares of Synopsys by 45.3% in the 1st quarter. Jacobi Capital Management LLC now owns 577 shares of the semiconductor company’s stock valued at $330,000 after buying an additional 180 shares during the last quarter. Vanguard Group Inc. lifted its position in Synopsys by 2.1% in the first quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock valued at $7,903,478,000 after acquiring an additional 278,265 shares during the last quarter. Finally, Alera Investment Advisors LLC boosted its stake in Synopsys by 6.3% in the first quarter. Alera Investment Advisors LLC now owns 442 shares of the semiconductor company’s stock valued at $253,000 after acquiring an additional 26 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insiders Place Their Bets

In other news, insider Geus Aart De sold 493 shares of Synopsys stock in a transaction on Monday, July 15th. The stock was sold at an average price of $620.60, for a total transaction of $305,955.80. Following the completion of the transaction, the insider now owns 106,983 shares of the company’s stock, valued at approximately $66,393,649.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Synopsys news, insider John F. Runkel, Jr. sold 1,239 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $582.90, for a total transaction of $722,213.10. Following the completion of the transaction, the insider now owns 20,000 shares of the company’s stock, valued at $11,658,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Geus Aart De sold 493 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $620.60, for a total value of $305,955.80. Following the completion of the sale, the insider now owns 106,983 shares in the company, valued at $66,393,649.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,363 shares of company stock worth $49,361,263. 0.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SNPS has been the subject of several research reports. KeyCorp boosted their target price on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird increased their price objective on Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. Piper Sandler lifted their target price on shares of Synopsys from $672.00 to $687.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research report on Thursday, May 23rd. Finally, Rosenblatt Securities restated a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a research note on Thursday, May 23rd. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $627.18.

Synopsys Price Performance

Shares of NASDAQ SNPS traded down $0.23 during trading on Tuesday, hitting $587.48. 289,197 shares of the company were exchanged, compared to its average volume of 1,055,669. The firm’s fifty day moving average price is $590.12 and its 200 day moving average price is $564.54. The company has a market cap of $90.01 billion, a price-to-earnings ratio of 63.84, a PEG ratio of 3.63 and a beta of 1.07. Synopsys, Inc. has a 1 year low of $418.51 and a 1 year high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The company’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period last year, the business posted $1.76 earnings per share. On average, research analysts forecast that Synopsys, Inc. will post 9.66 earnings per share for the current 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.