Azzad Asset Management Inc. ADV Makes New Investment in Synopsys, Inc. (NASDAQ:SNPS)

Azzad Asset Management Inc. ADV acquired a new position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,934 shares of the semiconductor company's stock, valued at approximately $2,116,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. New Century Financial Group LLC acquired a new position in shares of Synopsys during the 1st quarter worth about $243,000. Marshall Financial Group LLC grew its position in shares of Synopsys by 11.3% during the 1st quarter. Marshall Financial Group LLC now owns 2,191 shares of the semiconductor company's stock worth $940,000 after buying an additional 222 shares during the period. Bensler LLC grew its position in shares of Synopsys by 19.1% during the 1st quarter. Bensler LLC now owns 13,568 shares of the semiconductor company's stock worth $5,819,000 after buying an additional 2,180 shares during the period. Quintet Private Bank Europe S.A. grew its position in shares of Synopsys by 44.1% during the 1st quarter. Quintet Private Bank Europe S.A. now owns 75,677 shares of the semiconductor company's stock worth $32,454,000 after buying an additional 23,175 shares during the period. Finally, GraniteShares Advisors LLC grew its position in shares of Synopsys by 5.6% during the 1st quarter. GraniteShares Advisors LLC now owns 1,971 shares of the semiconductor company's stock worth $845,000 after buying an additional 105 shares during the period. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Synopsys Stock Performance

NASDAQ SNPS traded down $16.13 during trading on Friday, hitting $478.86. The stock had a trading volume of 1,162,459 shares, compared to its average volume of 1,158,402. The company has a market capitalization of $74.30 billion, a PE ratio of 32.98, a P/E/G ratio of 3.23 and a beta of 1.11. The company's 50-day moving average price is $466.31 and its two-hundred day moving average price is $481.37. 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 released its 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 firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a return on equity of 20.48% and a net margin of 36.12%. The business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.00 EPS. As a group, equities analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of the company'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 transaction of $5,204,832.38. Following the sale, the chief executive officer now owns 71,589 shares in the company, valued at $32,782,750.77. This represents a 13.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now owns 15,291 shares in the company, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC restated a "buy" rating and set a $650.00 target price on shares of Synopsys in a research report on Thursday, May 29th. Mizuho cut their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Morgan Stanley cut their price objective on Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a report on Monday, February 24th. Piper Sandler reiterated an "overweight" rating and set a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a report on Thursday, May 29th. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a report on Monday, April 28th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Synopsys presently has a consensus rating of "Moderate Buy" and a consensus target price of $607.14.

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.