Bangor Savings Bank Raises Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Bangor Savings Bank grew its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 118.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,843 shares of the semiconductor company's stock after purchasing an additional 1,540 shares during the period. Bangor Savings Bank's holdings in Synopsys were worth $1,219,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Synopsys by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company's stock valued at $7,029,360,000 after buying an additional 120,575 shares in the last quarter. Capital World Investors grew its position in Synopsys by 1.6% during the fourth quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company's stock valued at $3,533,526,000 after acquiring an additional 114,893 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Synopsys by 21.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company's stock valued at $2,864,933,000 after acquiring an additional 1,045,326 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Synopsys by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company's stock worth $1,625,230,000 after acquiring an additional 75,298 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Synopsys by 26.2% in the 4th quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company's stock valued at $916,441,000 after purchasing an additional 391,681 shares in the last quarter. Institutional investors own 85.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SNPS. Needham & Company LLC reiterated a "buy" rating and issued a $650.00 price objective on shares of Synopsys in a report on Thursday, May 29th. Mizuho lowered their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Wells Fargo & Company cut their target price on shares of Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. Rosenblatt Securities decreased their target price on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Finally, Morgan Stanley dropped their price target on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a research report on Monday, February 24th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $607.14.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 71,589 shares of the company's stock, valued at $32,782,750.77. This trade represents a 13.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction on 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 completion of the sale, the chief financial officer now owns 15,291 shares in the company, valued at approximately $7,427,144.52. The trade was a 32.34% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders.

Synopsys Stock Up 2.0%

Shares of NASDAQ:SNPS traded up $9.77 during midday trading on Monday, reaching $495.77. The company's stock had a trading volume of 1,612,035 shares, compared to its average volume of 1,149,346. The firm has a 50 day moving average of $456.95 and a 200-day moving average of $483.02. The firm has a market capitalization of $76.92 billion, a P/E ratio of 34.14, a PEG ratio of 3.23 and a beta of 1.11. 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 announced its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping analysts' consensus estimates of $3.40 by $0.27. The business had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. The business's revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.00 earnings per share. On average, research analysts predict that Synopsys, Inc. will post 10.64 EPS for the current 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.