Fifth Third Bancorp Has $83.52 Million Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Fifth Third Bancorp reduced its position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 194,763 shares of the semiconductor company's stock after selling 6,384 shares during the period. Fifth Third Bancorp owned about 0.13% of Synopsys worth $83,524,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in SNPS. Fiera Capital Corp boosted its holdings in shares of Synopsys by 33.8% during the fourth quarter. Fiera Capital Corp now owns 196,391 shares of the semiconductor company's stock worth $95,320,000 after purchasing an additional 49,653 shares during the period. Bancreek Capital Management LP purchased a new position in Synopsys during the fourth quarter valued at approximately $3,827,000. Meridiem Investment Management Ltd. grew its position in Synopsys by 13.1% during the fourth quarter. Meridiem Investment Management Ltd. now owns 557,174 shares of the semiconductor company's stock valued at $270,322,000 after purchasing an additional 64,322 shares in the last quarter. CIBC Asset Management Inc grew its position in Synopsys by 7.6% during the fourth quarter. CIBC Asset Management Inc now owns 74,789 shares of the semiconductor company's stock valued at $36,300,000 after purchasing an additional 5,253 shares in the last quarter. Finally, Davidson Capital Management Inc. increased its holdings in Synopsys by 23.7% in the fourth quarter. Davidson Capital Management Inc. now owns 5,874 shares of the semiconductor company's stock worth $2,851,000 after buying an additional 1,124 shares during the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SNPS shares. Wells Fargo & Company dropped their price objective on Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. KeyCorp set a $540.00 price objective on Synopsys in a report on Tuesday, June 3rd. Piper Sandler restated an "overweight" rating and issued a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a report on Thursday, May 29th. Stifel Nicolaus set a $550.00 price objective on Synopsys in a report on Monday, April 28th. Finally, Bank of America lowered their price target on Synopsys from $630.00 to $560.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $607.14.

Synopsys Trading Down 1.1%

SNPS stock traded down $5.74 during midday trading on Thursday, hitting $494.99. The stock had a trading volume of 867,710 shares, compared to its average volume of 1,153,795. The firm has a market capitalization of $76.80 billion, a price-to-earnings ratio of 34.09, a P/E/G ratio of 3.23 and a beta of 1.11. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The stock has a 50-day simple moving average of $462.08 and a 200 day simple moving average of $482.81.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its 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 firm had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a return on equity of 20.48% and a net margin of 36.12%. Synopsys's quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the business earned $3.00 earnings per share. On average, equities analysts forecast that Synopsys, Inc. will post 10.64 EPS for the current year.

Insider Buying and Selling at Synopsys

In other news, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction 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 sale, the chief financial officer now owns 15,291 shares in the company, valued at approximately $7,427,144.52. The trade was a 32.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now owns 71,589 shares in the company, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.62% of the company's stock.

Synopsys 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.