Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by Congress Asset Management Co. MA

Congress Asset Management Co. MA cut its holdings in shares of Synopsys, Inc. (NASDAQ:SNPSFree Report) by 0.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 276,391 shares of the semiconductor company’s stock after selling 89 shares during the period. Synopsys makes up about 1.1% of Congress Asset Management Co. MA’s portfolio, making the stock its 20th largest holding. Congress Asset Management Co. MA owned 0.18% of Synopsys worth $157,957,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Synopsys by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock valued at $6,977,593,000 after acquiring an additional 203,601 shares during the period. Capital World Investors boosted its holdings in Synopsys by 0.5% in the 4th quarter. Capital World Investors now owns 6,551,405 shares of the semiconductor company’s stock worth $3,373,384,000 after buying an additional 32,430 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Synopsys by 6.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock worth $1,321,019,000 after buying an additional 153,053 shares during the last quarter. Norges Bank acquired a new stake in Synopsys in the 4th quarter worth about $1,272,143,000. Finally, Ameriprise Financial Inc. boosted its holdings in Synopsys by 20.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company’s stock worth $925,744,000 after buying an additional 344,430 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SNPS. StockNews.com upgraded Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. JPMorgan Chase & Co. boosted their target price on Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Piper Sandler restated an “overweight” rating and set a $672.00 target price (up from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. Rosenblatt Securities restated a “buy” rating and set a $615.00 target price on shares of Synopsys in a report on Thursday, May 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a report on Thursday, May 23rd. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $616.18.

Read Our Latest Analysis on SNPS

Insider Buying and Selling

In related news, insider John F. Runkel, Jr. sold 936 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at $11,339,400. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 936 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $566.97, for a total value of $530,683.92. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at $11,339,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.90, for a total transaction of $722,213.10. Following the completion of the sale, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,658,000. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,288 shares of company stock worth $13,527,485. Corporate insiders own 0.66% of the company’s stock.

Synopsys Stock Performance

Shares of Synopsys stock traded down $4.65 during trading hours on Friday, reaching $605.53. 1,670,885 shares of the company were exchanged, compared to its average volume of 832,624. Synopsys, Inc. has a 1 year low of $416.87 and a 1 year high of $629.38. The stock’s fifty day moving average is $563.07 and its 200 day moving average is $554.55. The firm has a market cap of $92.78 billion, a PE ratio of 65.82, a PEG ratio of 3.94 and a beta of 1.08.

Synopsys (NASDAQ:SNPSGet Free Report) last posted 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 analysts’ expectations of $1.50 billion. During the same period in the prior year, the company posted $1.76 EPS. The firm’s revenue was up 15.2% compared to the same quarter last year. Research analysts expect that Synopsys, Inc. will post 9.66 earnings per share for the current year.

About Synopsys

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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