Baader Bank Aktiengesellschaft Sells 1,948 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Baader Bank Aktiengesellschaft significantly reduced its stake in Synopsys, Inc. by 35.8%, selling 1,948 shares and retaining a total of 3,499 shares valued at approximately $1.49 million.
• Despite the reduction in holdings from Baader Bank, several other hedge funds increased their positions in Synopsys, with notable increases including Pictet Asset Management at 38.3% and Price T Rowe Associates at 21.5%.
• Synopsys reported quarterly earnings of $3.67 per share, surpassing estimates and showcasing a 10.3% year-over-year revenue increase to reach $1.60 billion.

Baader Bank Aktiengesellschaft decreased its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 35.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,499 shares of the semiconductor company's stock after selling 1,948 shares during the period. Baader Bank Aktiengesellschaft's holdings in Synopsys were worth $1,487,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. SlateStone Wealth LLC boosted its position in Synopsys by 467.8% in the first quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company's stock valued at $4,383,000 after buying an additional 8,420 shares in the last quarter. Tredje AP fonden boosted its position in Synopsys by 12.4% in the first quarter. Tredje AP fonden now owns 182,110 shares of the semiconductor company's stock valued at $78,098,000 after buying an additional 20,148 shares in the last quarter. Vestcor Inc boosted its position in Synopsys by 8.5% in the first quarter. Vestcor Inc now owns 4,358 shares of the semiconductor company's stock valued at $1,869,000 after buying an additional 341 shares in the last quarter. XTX Topco Ltd boosted its position in Synopsys by 1,807.2% in the first quarter. XTX Topco Ltd now owns 8,964 shares of the semiconductor company's stock valued at $3,844,000 after buying an additional 8,494 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in Synopsys in the first quarter valued at approximately $3,116,000. Institutional investors and hedge funds own 85.47% of the company's stock.

Wall Street Analysts Forecast Growth

SNPS has been the topic of a number of research analyst reports. KeyCorp raised their target price on shares of Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Mizuho cut their target price on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $660.00 price target (up previously from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Piper Sandler raised their price target 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. Finally, Bank of America raised their price target on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $622.33.

Synopsys Stock Down 2.6%

SNPS traded down $16.47 during midday trading on Friday, hitting $617.00. The company had a trading volume of 292,229 shares, compared to its average volume of 1,451,017. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $95.73 billion, a price-to-earnings ratio of 44.49, a PEG ratio of 4.27 and a beta of 1.12. The stock's 50 day moving average price is $527.25 and its 200 day moving average price is $490.59.

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

Insider Activity

In other news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction dated Monday, June 2nd. The shares were 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 in the company, valued at $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the transaction, the chief financial officer owned 15,291 shares in the company, valued at approximately $7,427,144.52. This trade 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 worth $13,001,048 over the last three months. 0.62% of the stock is currently owned by insiders.

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.