Synopsys, Inc. (NASDAQ:SNPS) Position Reduced by Huntington National Bank

Huntington National Bank decreased its position in Synopsys, Inc. (NASDAQ:SNPS) by 38.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,986 shares of the semiconductor company’s stock after selling 14,358 shares during the quarter. Huntington National Bank’s holdings in Synopsys were worth $11,640,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. ORG Partners LLC boosted its holdings in shares of Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 36 shares during the period. Pacifica Partners Inc. acquired a new stake in shares of Synopsys during the 3rd quarter worth approximately $25,000. Tsfg LLC boosted its position in Synopsys by 75.0% during the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 24 shares during the period. Chris Bulman Inc bought a new position in Synopsys during the 2nd quarter worth $30,000. Finally, Hazlett Burt & Watson Inc. lifted its stake in Synopsys by 40.0% in the third quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Robert W. Baird lifted their target price on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research note on Tuesday, October 22nd. Rosenblatt Securities restated a “buy” rating and set a $635.00 price objective on shares of Synopsys in a research note on Friday, August 23rd. Finally, Loop Capital assumed coverage on shares of Synopsys in a report on Monday. They issued a “buy” rating and a $675.00 price objective for the company. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $649.82.

Synopsys Trading Down 1.7 %

Shares of Synopsys stock opened at $548.31 on Friday. Synopsys, Inc. has a 52 week low of $457.52 and a 52 week high of $629.38. The company’s 50-day moving average price is $511.56 and its two-hundred day moving average price is $545.39. The stock has a market cap of $84.23 billion, a PE ratio of 56.88, a price-to-earnings-growth ratio of 3.40 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last released its 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 analyst estimates of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.17 earnings per share. On average, equities analysts predict that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of the sale, the chief executive officer now owns 62,568 shares in the company, valued at approximately $34,655,789.52. This represents a 14.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.66% of the company’s stock.

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.