Corebridge Financial Inc. Has $20.99 Million Stock Holdings in Synopsys, Inc. $SNPS

Key Points

• Corebridge Financial Inc. reduced its stake in Synopsys, selling 1,553 shares and now holding 48,941 shares valued at approximately $20.99 million.
• Multiple analysts have upgraded their price targets for Synopsys, with the average target now set at $626.79, indicating a bullish sentiment toward the semiconductor company.
• In recent transactions, insiders sold a combined total of 27,686 shares valued at over $13 million, reflecting significant movement at the executive level within the company.

Corebridge Financial Inc. lessened its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,941 shares of the semiconductor company's stock after selling 1,553 shares during the quarter. Corebridge Financial Inc.'s holdings in Synopsys were worth $20,988,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Williams Jones Wealth Management LLC. boosted its holdings in Synopsys by 0.5% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 4,650 shares of the semiconductor company's stock valued at $2,257,000 after acquiring an additional 22 shares during the last quarter. Hardy Reed LLC lifted its stake in shares of Synopsys by 0.7% during the first quarter. Hardy Reed LLC now owns 3,290 shares of the semiconductor company's stock worth $1,411,000 after purchasing an additional 22 shares in the last quarter. Resurgent Financial Advisors LLC lifted its stake in shares of Synopsys by 2.7% in the first quarter. Resurgent Financial Advisors LLC now owns 832 shares of the semiconductor company's stock worth $357,000 after acquiring an additional 22 shares in the last quarter. Trust Asset Management LLC lifted its stake in shares of Synopsys by 1.3% in the first quarter. Trust Asset Management LLC now owns 1,766 shares of the semiconductor company's stock worth $757,000 after acquiring an additional 22 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in Synopsys by 10.8% in the first quarter. Harbour Investments Inc. now owns 235 shares of the semiconductor company's stock valued at $101,000 after buying an additional 23 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Price Performance

NASDAQ:SNPS traded down $8.65 during mid-day trading on Friday, hitting $603.52. The company's stock had a trading volume of 992,830 shares, compared to its average volume of 1,407,591. The company has a market capitalization of $93.64 billion, a price-to-earnings ratio of 43.58, a P/E/G ratio of 3.96 and a beta of 1.15. The stock has a fifty day moving average of $580.41 and a 200-day moving average of $502.95. Synopsys, Inc. has a fifty-two week low of $365.74 and a fifty-two week high of $651.73. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its earnings results 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 for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the firm earned $3.00 EPS. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities analysts forecast that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

Insider Buying and Selling at Synopsys

In related news, CRO Richard S. Mahoney sold 9,010 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total value 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 trade represents a 85.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the completion of the sale, the chief financial officer directly owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on SNPS shares. Piper Sandler boosted their price objective on Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a report on Monday, July 21st. KeyCorp increased their price objective on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. The Goldman Sachs Group initiated coverage on Synopsys in a research report on Thursday, July 10th. They issued a "buy" rating and a $620.00 target price for the company. Rosenblatt Securities upped their target price on Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company reiterated a "positive" rating on shares of Synopsys in a research report on Wednesday. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $634.64.

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.