Axxcess Wealth Management LLC Reduces Stake in Synopsys, Inc. (NASDAQ:SNPS)

Axxcess Wealth Management LLC lowered its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 12.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,161 shares of the semiconductor company's stock after selling 457 shares during the quarter. Axxcess Wealth Management LLC's holdings in Synopsys were worth $1,356,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Rehmann Capital Advisory Group increased its holdings in shares of Synopsys by 3.2% in the 1st quarter. Rehmann Capital Advisory Group now owns 1,327 shares of the semiconductor company's stock valued at $569,000 after acquiring an additional 41 shares during the last quarter. Cornerstone Planning Group LLC increased its holdings in shares of Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. Linden Thomas Advisory Services LLC increased its holdings in shares of Synopsys by 9.3% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 1,407 shares of the semiconductor company's stock valued at $603,000 after acquiring an additional 120 shares during the last quarter. Greenleaf Trust increased its holdings in shares of Synopsys by 17.1% in the 1st quarter. Greenleaf Trust now owns 8,093 shares of the semiconductor company's stock valued at $3,471,000 after acquiring an additional 1,184 shares during the last quarter. Finally, Personal CFO Solutions LLC grew its stake in Synopsys by 25.6% during the 1st quarter. Personal CFO Solutions LLC now owns 790 shares of the semiconductor company's stock worth $339,000 after buying an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SNPS. KeyCorp raised their price target on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a research note on Thursday. The Goldman Sachs Group began coverage on Synopsys in a research note on Thursday. They set a "buy" rating and a $620.00 price target on the stock. Rosenblatt Securities dropped their price target on Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Piper Sandler restated an "overweight" rating and set a $615.00 price target (down previously from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. Finally, Bank of America dropped their price target on Synopsys from $630.00 to $560.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $612.67.

Insider Activity

In related news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the completion of the transaction, the chief executive officer directly owned 71,589 shares of the company's stock, valued at approximately $32,782,750.77. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction on Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the transaction, the chief financial officer directly owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock valued at $13,001,048 in the last three months. 0.62% of the stock is currently owned by company insiders.

Synopsys Stock Up 2.8%

SNPS opened at $566.19 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The business has a 50 day simple moving average of $497.53 and a 200-day simple moving average of $479.77. The stock has a market capitalization of $87.85 billion, a P/E ratio of 40.88, a P/E/G ratio of 3.64 and a beta of 1.12. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80.

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

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