DAVENPORT & Co LLC Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

DAVENPORT & Co LLC lifted its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 18.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,980 shares of the semiconductor company's stock after buying an additional 459 shares during the period. DAVENPORT & Co LLC's holdings in Synopsys were worth $1,278,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Synopsys during the fourth quarter worth approximately $583,608,000. GAMMA Investing LLC grew its holdings in Synopsys by 54,286.0% during the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock valued at $513,116,000 after purchasing an additional 1,194,292 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Synopsys by 21.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company's stock valued at $2,864,933,000 after purchasing an additional 1,045,326 shares in the last quarter. Capital Research Global Investors acquired a new stake in Synopsys during the 4th quarter valued at $239,864,000. Finally, Raymond James Financial Inc. acquired a new stake in Synopsys during the 4th quarter valued at $199,065,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Insider Buying and Selling at Synopsys

In other Synopsys news, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the sale, the chief financial officer directly owned 15,291 shares in the company, valued at $7,427,144.52. The trade was a 32.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the completion of the sale, the chief executive officer owned 71,589 shares of the company's stock, valued at $32,782,750.77. The trade was a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock worth $13,001,048 over the last ninety days. 0.62% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SNPS shares. Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 price target on shares of Synopsys in a report on Thursday, May 29th. Stifel Nicolaus set a $550.00 price target on shares of Synopsys in a report on Monday, April 28th. KeyCorp set a $540.00 price objective on shares of Synopsys in a report on Tuesday, June 3rd. Rosenblatt Securities decreased their price objective on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Finally, Mizuho reduced their price target on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $607.14.

Synopsys Stock Performance

Shares of SNPS opened at $546.76 on Friday. The firm's 50 day moving average is $489.89 and its 200-day moving average is $478.05. The stock has a market capitalization of $84.83 billion, a P/E ratio of 39.48, a P/E/G ratio of 3.62 and a beta of 1.12. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $624.80.

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

Synopsys Company Profile

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.

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