Burney Co. Has $3.09 Million Stake in Synopsys, Inc. (NASDAQ:SNPS)

Burney Co. reduced its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 79.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,201 shares of the semiconductor company's stock after selling 28,096 shares during the quarter. Burney Co.'s holdings in Synopsys were worth $3,088,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Dynamic Advisor Solutions LLC acquired a new position in Synopsys during the 1st quarter valued at $1,000,000. Wealth Enhancement Advisory Services LLC grew its holdings in Synopsys by 3.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company's stock worth $8,651,000 after acquiring an additional 655 shares during the last quarter. Integrated Advisors Network LLC boosted its stake in shares of Synopsys by 8.0% in the 1st quarter. Integrated Advisors Network LLC now owns 529 shares of the semiconductor company's stock valued at $227,000 after purchasing an additional 39 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Synopsys by 8.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,748 shares of the semiconductor company's stock valued at $2,894,000 after purchasing an additional 550 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Synopsys in the 4th quarter valued at about $1,678,000. 85.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SNPS has been the topic of a number of recent research reports. Bank of America lifted their price objective on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Mizuho cut their price target on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Rosenblatt Securities increased their price target on Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research report on Friday. The Goldman Sachs Group initiated coverage on Synopsys in a research note on Thursday, July 10th. They set a "buy" rating and a $620.00 price target for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $660.00 price target (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $622.33.

Insider Activity

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

Synopsys Price Performance

NASDAQ:SNPS traded down $8.13 during trading hours on Friday, reaching $601.55. 1,819,768 shares of the company's stock were exchanged, compared to its average volume of 1,443,806. 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 $93.34 billion, a P/E ratio of 43.43, a price-to-earnings-growth ratio of 4.07 and a beta of 1.12. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $618.49. The business's 50-day simple moving average is $516.09 and its two-hundred day simple moving average is $486.19.

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 (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.27. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business posted $3.00 EPS. Sell-side analysts expect that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

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.