Davis Rea LTD. Sells 4,610 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Davis Rea LTD. reduced its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 16.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,868 shares of the semiconductor company's stock after selling 4,610 shares during the quarter. Synopsys makes up about 2.7% of Davis Rea LTD.'s portfolio, making the stock its 11th biggest holding. Davis Rea LTD.'s holdings in Synopsys were worth $10,236,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SNPS. Capital World Investors raised its holdings in Synopsys by 1.6% in the 4th quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company's stock valued at $3,533,526,000 after acquiring an additional 114,893 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Synopsys by 21.5% in 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 acquiring an additional 1,045,326 shares in the last quarter. Geode Capital Management LLC raised its holdings in Synopsys by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company's stock valued at $1,625,230,000 after acquiring an additional 75,298 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in Synopsys by 38.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock valued at $1,043,518,000 after acquiring an additional 673,837 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Synopsys by 26.2% in the 4th quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company's stock valued at $916,441,000 after acquiring an additional 391,681 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Shelagh Glaser sold 7,310 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the sale, the chief financial officer owned 15,291 shares in the company, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the firm's stock in a transaction dated 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 sale, the executive owned 1,485 shares in the company, valued at $699,746.85. The trade was a 85.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,686 shares of company stock worth $13,001,048. Corporate insiders own 0.62% of the company's stock.

Synopsys Stock Performance

NASDAQ SNPS traded down $8.13 on Friday, hitting $601.55. 1,819,768 shares of the stock traded hands, compared to its average volume of 2,347,250. The business's fifty day moving average is $517.83 and its two-hundred day moving average is $486.98. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $618.49. The firm has a market capitalization of $93.34 billion, a price-to-earnings ratio of 43.43, a PEG ratio of 4.03 and a beta of 1.12. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02.

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 analysts' consensus estimates of $3.40 by $0.27. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company earned $3.00 earnings per share. The business's revenue for the quarter was up 10.3% on a year-over-year basis. As a group, equities analysts anticipate that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on SNPS shares. Bank of America lifted their price objective on Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. The Goldman Sachs Group initiated coverage on Synopsys in a report on Thursday, July 10th. They set a "buy" rating and a $620.00 price target for the company. Rosenblatt Securities boosted their price target on Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a report on Friday. Piper Sandler boosted their price target on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a report on Monday. Finally, KeyCorp boosted their price target on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $622.33.

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.