Synopsys, Inc. (NASDAQ:SNPS) Shares Purchased by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 59.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,300 shares of the semiconductor company’s stock after acquiring an additional 9,399 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Synopsys were worth $12,812,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Andina Capital Management LLC grew its holdings in Synopsys by 2.8% during the second quarter. Andina Capital Management LLC now owns 664 shares of the semiconductor company’s stock worth $395,000 after acquiring an additional 18 shares during the period. Cascade Financial Partners LLC grew its holdings in Synopsys by 4.9% during the second quarter. Cascade Financial Partners LLC now owns 389 shares of the semiconductor company’s stock worth $232,000 after acquiring an additional 18 shares during the period. Tocqueville Asset Management L.P. grew its holdings in Synopsys by 0.9% during the first quarter. Tocqueville Asset Management L.P. now owns 2,134 shares of the semiconductor company’s stock worth $1,220,000 after acquiring an additional 20 shares during the period. Hazlett Burt & Watson Inc. grew its holdings in Synopsys by 40.0% during the third quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 20 shares during the period. Finally, Hilltop National Bank grew its holdings in Synopsys by 6.0% during the second quarter. Hilltop National Bank now owns 370 shares of the semiconductor company’s stock worth $220,000 after acquiring an additional 21 shares during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the company. Robert W. Baird boosted their price objective on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Needham & Company LLC restated a “buy” rating and set a $640.00 price objective on shares of Synopsys in a report on Tuesday, October 22nd. Mizuho assumed coverage on Synopsys in a report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective on the stock. Piper Sandler cut their price objective on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, Rosenblatt Securities restated a “buy” rating and set a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $649.82.

Synopsys Price Performance

Shares of SNPS opened at $556.26 on Tuesday. The company has a market capitalization of $85.45 billion, a price-to-earnings ratio of 57.70, a P/E/G ratio of 3.42 and a beta of 1.08. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38. The business’s 50-day moving average is $507.77 and its 200-day moving average is $545.05.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.17 EPS. Equities research analysts expect that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This represents a 0.00 % 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. 0.66% of the stock is currently owned by company insiders.

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.