Canada Pension Plan Investment Board Purchases Shares of 600,117 Synopsys, Inc. $SNPS

Key Points

• Canada Pension Plan Investment Board acquired 600,117 Synopsys shares worth approximately $267.7 million, establishing a 0.31% stake. Institutional investors collectively own 85.47% of the company.
• Synopsys reported quarterly EPS of $3.35, beating estimates of $3.15, while revenue rose 41.9% year over year to $2.28 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $563.59, compared with the stock’s reported opening price of $408.79; CEO and CFO share sales were conducted under pre-arranged Rule 10b5-1 plans to cover tax obligations.

Canada Pension Plan Investment Board acquired a new position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 600,117 shares of the semiconductor company's stock, valued at approximately $267,694,000. Canada Pension Plan Investment Board owned 0.31% of Synopsys as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNPS. BlackRock Inc. purchased a new position in Synopsys during the 2nd quarter valued at $7,228,099,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Synopsys during the second quarter valued at about $747,400,000. Norges Bank bought a new position in Synopsys in the fourth quarter worth about $730,197,000. Bank of New York Mellon Corp bought a new stake in Synopsys during the 2nd quarter valued at approximately $692,074,000. Finally, State Street Corp grew its holdings in shares of Synopsys by 20.6% during the 3rd quarter. State Street Corp now owns 8,760,358 shares of the semiconductor company's stock worth $4,322,273,000 after acquiring an additional 1,493,912 shares during the period. Institutional investors own 85.47% of the company's stock.

Insider Activity

In related news, CEO Sassine Ghazi sold 14,603 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $458.96, for a total transaction of $6,702,192.88. Following the sale, the chief executive officer directly owned 75,020 shares of the company's stock, valued at approximately $34,431,179.20. This represents a 16.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shelagh Glaser sold 3,394 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $450.02, for a total transaction of $1,527,367.88. Following the sale, the chief financial officer owned 14,358 shares of the company's stock, valued at approximately $6,461,387.16. This represents a 19.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SNPS. Berenberg Bank set a $633.00 price target on Synopsys in a research report on Wednesday, May 27th. Wells Fargo & Company dropped their target price on shares of Synopsys from $535.00 to $450.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 11th. Robert W. Baird set a $558.00 target price on shares of Synopsys in a research report on Thursday, May 28th. BNP Paribas Exane lifted their price target on shares of Synopsys from $425.00 to $450.00 and gave the company an "underperform" rating in a research report on Thursday, May 28th. Finally, Citigroup boosted their price objective on shares of Synopsys from $600.00 to $610.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Eleven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $563.59.

Synopsys Stock Up 3.6%

Shares of NASDAQ:SNPS opened at $408.79 on Wednesday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.33. The stock has a fifty day simple moving average of $417.74 and a two-hundred day simple moving average of $439.85. Synopsys, Inc. has a 12-month low of $366.00 and a 12-month high of $615.79. The stock has a market capitalization of $78.28 billion, a price-to-earnings ratio of 94.63, a PEG ratio of 2.32 and a beta of 1.23.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its earnings results on Wednesday, May 27th. The semiconductor company reported $3.35 EPS for the quarter, topping analysts' consensus estimates of $3.15 by $0.20. The firm had revenue of $2.28 billion for the quarter, compared to analysts' expectations of $2.25 billion. Synopsys had a return on equity of 5.83% and a net margin of 8.91%.The company's quarterly revenue was up 41.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.67 earnings per share. On average, research analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

About Synopsys

Synopsys, Inc is a leading provider of electronic design automation (EDA) software and semiconductor intellectual property (IP) used to design, verify and manufacture integrated circuits and complex systems-on-chip (SoCs). Its product portfolio spans tools and technologies for front‑end design and synthesis, simulation and verification, physical implementation and signoff, and design-for-manufacturability, enabling chip designers to move from architecture through tape‑out.

In addition to core EDA offerings, Synopsys supplies a broad set of semiconductor IP building blocks — such as interface, memory and analog/mixed-signal cores — that customers integrate into SoCs to accelerate development.

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