Comerica Bank Has $14.67 Million Stake in Synopsys, Inc. $SNPS

Key Points

• Comerica Bank increased its stake in Synopsys, Inc. by 10.8%, owning 34,197 shares valued at approximately $14.67 million as of the latest SEC filing.
• Institutional investors hold 85.47% of Synopsys stock, illustrating significant interest from major financial entities.
• Recent analyst reports indicate a positive outlook for Synopsys, with Bank of America raising its target price from $575 to $625 and a consensus target price of $626.79.

Comerica Bank grew its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 10.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,197 shares of the semiconductor company's stock after purchasing an additional 3,324 shares during the period. Comerica Bank's holdings in Synopsys were worth $14,665,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. North Star Asset Management Inc. raised its holdings in shares of Synopsys by 3.6% in the first quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company's stock valued at $25,847,000 after purchasing an additional 2,082 shares during the last quarter. SlateStone Wealth LLC raised its holdings in shares of Synopsys by 467.8% in the first quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company's stock valued at $4,383,000 after purchasing an additional 8,420 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Synopsys in the first quarter valued at $1,000,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Synopsys by 3.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company's stock valued at $8,651,000 after buying an additional 655 shares in the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in shares of Synopsys in the first quarter valued at $3,116,000. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Synopsys Price Performance

SNPS traded down $8.65 on Friday, hitting $603.52. 992,830 shares of the stock were exchanged, compared to its average volume of 1,407,591. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $651.73. The business has a 50-day moving average of $580.41 and a two-hundred day moving average of $502.95. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The firm has a market capitalization of $93.64 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 3.96 and a beta of 1.15.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The business had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the prior year, the business posted $3.00 earnings per share. Synopsys's revenue was up 10.3% compared to the same quarter last year. Sell-side analysts forecast that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SNPS has been the subject of several analyst reports. Piper Sandler raised their target price on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Bank of America raised their target price on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group initiated coverage on shares of Synopsys in a research note on Thursday, July 10th. They issued a "buy" rating and a $620.00 target price for the company. Needham & Company LLC reissued a "buy" rating and issued a $660.00 target price (up from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Finally, KeyCorp lifted their price objective on shares of Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Twelve research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Synopsys has an average rating of "Moderate Buy" and an average price target of $634.64.

Insider Buying and Selling

In related news, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the sale, the executive owned 1,485 shares of the company's stock, valued at $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 value of $5,204,832.38. Following the transaction, the chief executive officer directly owned 71,589 shares of the company's stock, valued at approximately $32,782,750.77. The trade was a 13.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock valued at $13,001,048 over the last quarter. 0.62% of the stock is owned by company insiders.

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.