3,094 Shares in Synopsys, Inc. $SNPS Purchased by Central Pacific Bank Trust Division

Key Points

• Central Pacific Bank Trust Division invested approximately $1.59 million to acquire 3,094 shares of Synopsys, Inc. during the 2nd quarter.
• Several analysts have revised their price targets for Synopsys, with KeyCorp reducing it from $660 to $590, and Bank of America lowering theirs from $625 to $525.
• Insider trading activity has seen significant sales, with CRO Richard S. Mahoney and CEO Sassine Ghazi selling thousands of shares, representing notable decreases in their ownership percentages.

Central Pacific Bank Trust Division purchased a new position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,094 shares of the semiconductor company's stock, valued at approximately $1,586,000.

Several other institutional investors have also added to or reduced their stakes in SNPS. GAMMA Investing LLC boosted its holdings in Synopsys by 54,286.0% in the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after acquiring an additional 1,194,292 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Synopsys during the first quarter worth about $341,480,000. Pictet Asset Management Holding SA lifted its holdings in shares of Synopsys by 38.3% during the first quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock worth $1,043,518,000 after purchasing an additional 673,837 shares during the period. Generation Investment Management LLP acquired a new stake in shares of Synopsys during the first quarter worth about $240,491,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Synopsys by 2.4% during the first quarter. Vanguard Group Inc. now owns 14,829,770 shares of the semiconductor company's stock worth $6,359,747,000 after purchasing an additional 346,994 shares during the period. Institutional investors and hedge funds own 85.47% of the company's stock.

Insider Buying and Selling

In other news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total value of $6,694,687.66. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert G. Painter acquired 350 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was acquired 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 directly 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. Over the last three months, insiders sold 24,031 shares of company stock valued at $13,168,999. Insiders own 0.62% of the company's stock.

Analyst Upgrades and Downgrades

SNPS has been the subject of a number of research reports. KeyCorp decreased their target price on Synopsys from $660.00 to $590.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Needham & Company LLC decreased their target price on Synopsys from $660.00 to $550.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $605.00 target price (down previously from $650.00) on shares of Synopsys in a report on Wednesday, September 10th. Wells Fargo & Company decreased their target price on Synopsys from $630.00 to $550.00 and set an "equal weight" rating for the company in a report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. decreased 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. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $585.33.

Synopsys Stock Performance

NASDAQ:SNPS traded down $6.25 during trading hours on Monday, reaching $419.20. The company had a trading volume of 4,422,061 shares, compared to its average volume of 3,113,537. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73. The firm has a market cap of $77.87 billion, a PE ratio of 32.90, a price-to-earnings-growth ratio of 5.60 and a beta of 1.14. The business's 50 day moving average price is $588.04 and its 200-day moving average price is $506.89. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.62 and a quick ratio of 1.51.

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.