Burr Financial Services LLC Buys 2,330 Shares of Synopsys, Inc. $SNPS

Key Points

• Burr Financial Services LLC increased its stake in Synopsys, Inc. by 292%, acquiring 2,330 shares to total 3,128 shares valued at approximately $1.6 million, making Synopsys its 16th largest position.
• CEO Sassine Ghazi sold 11,366 shares for over $6.69 million, representing a 13.70% decrease in his ownership, while Director Robert G. Painter increased his stake by 18.03% with a purchase of 350 shares.
• Several research analysts have adjusted their price targets for Synopsys, with the consensus rating now a "Moderate Buy" and an average target of around $585.33, following recent cuts in rating from Hold to Sell.

Burr Financial Services LLC grew its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 292.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,128 shares of the semiconductor company's stock after acquiring an additional 2,330 shares during the period. Synopsys accounts for approximately 1.3% of Burr Financial Services LLC's holdings, making the stock its 16th largest position. Burr Financial Services LLC's holdings in Synopsys were worth $1,604,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC grew its holdings in shares of Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after acquiring an additional 44 shares in the last quarter. Saudi Central Bank bought a new position in Synopsys during the first quarter worth about $26,000. Clal Insurance Enterprises Holdings Ltd grew its holdings in Synopsys by 441.7% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 53 shares during the period. Ameriflex Group Inc. bought a new position in Synopsys during the fourth quarter worth about $29,000. Finally, WPG Advisers LLC bought a new position in Synopsys during the first quarter worth about $34,000. Institutional investors own 85.47% of the company's stock.

Insider Activity

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the completion of the transaction, the chief executive officer directly owned 71,615 shares in the company, valued at $42,181,951.15. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert G. Painter acquired 350 shares of the stock in a transaction on Thursday, September 11th. The shares were purchased at an average price of $425.44 per share, with a total value of $148,904.00. Following the completion of the transaction, the director owned 2,291 shares of the company's stock, valued at approximately $974,683.04. This represents a 18.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 24,031 shares of company stock valued at $13,168,999 in the last three months. Company insiders own 0.62% of the company's stock.

Wall Street Analysts Forecast Growth

SNPS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their price target on Synopsys from $685.00 to $600.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Needham & Company LLC reduced their price target on Synopsys from $660.00 to $550.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. Wall Street Zen cut Synopsys from a "hold" rating to a "sell" rating in a report on Saturday. The Goldman Sachs Group reduced their price target on Synopsys from $700.00 to $600.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. Finally, Rosenblatt Securities restated a "neutral" rating and set a $605.00 price objective (down previously from $650.00) on shares of Synopsys in a report on Wednesday, September 10th. Eleven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $585.33.

Synopsys Stock Down 1.5%

Shares of SNPS opened at $419.20 on Tuesday. Synopsys, Inc. has a one year low of $365.74 and a one year high of $651.73. The company has a market cap of $77.87 billion, a P/E ratio of 32.90, a P/E/G ratio of 5.60 and a beta of 1.14. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.62 and a quick ratio of 1.51. The firm has a 50 day simple moving average of $588.04 and a two-hundred day simple moving average of $506.89.

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.

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