Bank of New York Mellon Corp Has $575.98 Million Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Bank of New York Mellon Corp increased its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 23.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,343,072 shares of the semiconductor company's stock after purchasing an additional 256,823 shares during the period. Bank of New York Mellon Corp owned approximately 0.87% of Synopsys worth $575,976,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Ameriflex Group Inc. acquired a new position in shares of Synopsys during the fourth quarter valued at about $29,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Synopsys during the fourth quarter valued at about $34,000. Hazlett Burt & Watson Inc. raised its position in shares of Synopsys by 28.6% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company's stock valued at $44,000 after buying an additional 20 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its position in Synopsys by 50.8% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 98 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 33 shares in the last quarter. Finally, GoalVest Advisory LLC acquired a new position in Synopsys in the first quarter worth about $50,000. 85.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SNPS. Mizuho dropped their price objective on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 price objective on shares of Synopsys in a report on Thursday, May 29th. Piper Sandler reaffirmed 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. Bank of America dropped their price objective on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Rosenblatt Securities dropped their price objective on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a report on Thursday, May 29th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $607.14.

Synopsys Trading Up 2.8%

SNPS stock traded up $14.99 during midday trading on Tuesday, reaching $551.51. The company's stock had a trading volume of 1,314,709 shares, compared to its average volume of 1,181,853. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The stock has a market cap of $85.57 billion, a PE ratio of 39.82, a price-to-earnings-growth ratio of 3.54 and a beta of 1.12. 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 business's 50-day simple moving average is $491.74 and its 200-day simple moving average is $478.25.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the firm posted $3.00 earnings per share. As a group, sell-side analysts expect that Synopsys, Inc. will post 10.64 EPS for the current year.

Insider Activity

In other Synopsys news, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the sale, the chief financial officer owned 15,291 shares of the company's stock, valued at $7,427,144.52. The trade was a 32.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the business's 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 sale, the chief executive officer directly owned 71,589 shares of the company's stock, valued at $32,782,750.77. This represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,686 shares of company stock valued at $13,001,048 in the last quarter. Company insiders own 0.62% of the company's stock.

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.