Burr Financial Services LLC Cuts Stake in Synopsys, Inc. (NASDAQ:SNPS)

Burr Financial Services LLC reduced its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 43.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 798 shares of the semiconductor company's stock after selling 617 shares during the quarter. Synopsys accounts for 0.3% of Burr Financial Services LLC's portfolio, making the stock its 26th largest position. Burr Financial Services LLC's holdings in Synopsys were worth $342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameriflex Group Inc. acquired a new stake in shares of Synopsys in the fourth quarter valued at approximately $29,000. Whipplewood Advisors LLC bought a new position in Synopsys in the 4th quarter valued at $33,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Synopsys in the 4th quarter valued at $34,000. Sierra Ocean LLC acquired a new stake in shares of Synopsys in the 4th quarter valued at $39,000. Finally, 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 worth $44,000 after acquiring an additional 20 shares during the last quarter. 85.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on SNPS shares. Stifel Nicolaus set a $550.00 price target on Synopsys in a research report on Monday, April 28th. Piper Sandler restated an "overweight" rating and set a $615.00 target price (down from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $650.00 price target on shares of Synopsys in a research note on Thursday, May 29th. Rosenblatt Securities reduced their price objective 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, KeyCorp set a $575.00 target price on shares of Synopsys and gave the stock an "overweight" rating in a report on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, Synopsys presently has a consensus rating of "Moderate Buy" and an average target price of $609.64.

Insider Transactions at Synopsys

In other news, insider Geus Aart De sold 15,705 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares in the company, valued at approximately $51,850,925.82. This represents a 11.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.62% of the stock is owned by insiders.

Synopsys Trading Up 0.0%

Shares of SNPS traded up $0.11 during trading hours on Tuesday, reaching $466.26. 1,295,177 shares of the stock traded hands, compared to its average volume of 1,141,842. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The stock has a fifty day simple moving average of $453.78 and a 200 day simple moving average of $484.76. The company has a market cap of $72.35 billion, a price-to-earnings ratio of 32.11, a PEG ratio of 3.23 and a beta of 1.16.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating analysts' consensus estimates of $3.40 by $0.27. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. 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 prior year, the firm earned $3.00 EPS. The company's revenue was up 10.3% compared to the same quarter last year. Analysts predict that Synopsys, Inc. will post 10.64 earnings per share 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.