Altfest L J & Co. Inc. Sells 1,274 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Altfest L J & Co. Inc. reduced its stake in Synopsys, Inc. by 72.2%, selling 1,274 shares, leaving them with 491 shares valued at $211,000.
• GAMMA Investing LLC significantly increased its holdings in Synopsys by over 54,000%, now owning 1,196,492 shares worth approximately $513 million.
• Synopsys reported an EPS of $3.67 for the last quarter, surpassing estimates, with a revenue of $1.60 billion, reflecting a **10.3%** year-over-year increase.

Altfest L J & Co. Inc. lowered its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 72.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 491 shares of the semiconductor company's stock after selling 1,274 shares during the period. Altfest L J & Co. Inc.'s holdings in Synopsys were worth $211,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SNPS. Cornerstone Planning Group LLC raised its holdings in Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 44 shares during the last quarter. Ameriflex Group Inc. purchased a new position in shares of Synopsys in the fourth quarter worth $29,000. Cloud Capital Management LLC bought a new position in shares of Synopsys during the first quarter valued at $36,000. Meeder Asset Management Inc. boosted its position in shares of Synopsys by 33.3% during the first quarter. Meeder Asset Management Inc. now owns 104 shares of the semiconductor company's stock valued at $45,000 after buying an additional 26 shares during the last quarter. Finally, GoalVest Advisory LLC bought a new stake in Synopsys in the 1st quarter worth about $50,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Synopsys in a research note on Thursday, July 10th. They set a "buy" rating and a $620.00 target price on the stock. Mizuho dropped their target price on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Piper Sandler boosted their target price on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. KeyCorp lifted their price objective on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Bank of America upped their price objective on Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $622.33.

Synopsys Price Performance

SNPS stock traded down $0.91 during mid-day trading on Friday, hitting $619.42. The company had a trading volume of 700,625 shares, compared to its average volume of 2,441,283. The company has a 50-day moving average price of $544.48 and a 200 day moving average price of $494.35. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $651.73. The company has a market capitalization of $96.11 billion, a price-to-earnings ratio of 44.72, a P/E/G ratio of 4.10 and a beta of 1.15. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, topping analysts' consensus estimates of $3.40 by $0.27. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the business earned $3.00 earnings per share. The firm's revenue for the quarter was up 10.3% on a year-over-year basis. On average, research analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Insider Buying and Selling at Synopsys

In related news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the transaction, the executive owned 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $457.93, for a total value of $5,204,832.38. Following the sale, the chief executive officer directly owned 71,589 shares in the company, valued at $32,782,750.77. The trade was a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock worth $13,001,048 over the last 90 days. 0.62% of the stock is owned by insiders.

Synopsys Company 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.