Fifth Third Bancorp Has $97.02 Million Stock Holdings in Synopsys, Inc. $SNPS

Key Points

• Fifth Third Bancorp has reduced its stake in Synopsys, Inc. by 2.8%, now holding shares valued at approximately $97.02 million as of its latest SEC filing.
• Following a significant transaction, CEO Sassine Ghazi sold 11,366 shares of Synopsys at an average price of $589.01, resulting in a 13.70% decrease in his ownership in the company.
• Recent analyst reports have led to decreased target prices for Synopsys, with firms like Morgan Stanley lowering their target from $715 to $510, reflecting a cautious outlook for the stock.

Fifth Third Bancorp cut its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 2.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 189,235 shares of the semiconductor company's stock after selling 5,528 shares during the period. Fifth Third Bancorp owned 0.12% of Synopsys worth $97,017,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. HBW Advisory Services LLC boosted its position in Synopsys by 494.9% during the second quarter. HBW Advisory Services LLC now owns 3,611 shares of the semiconductor company's stock valued at $1,851,000 after purchasing an additional 3,004 shares during the last quarter. Westbourne Investments Inc. acquired a new position in Synopsys during the second quarter valued at approximately $1,505,000. North Star Asset Management Inc. boosted its position in Synopsys by 3.6% during 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 boosted its position in Synopsys by 467.8% during 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. Finally, Dynamic Advisor Solutions LLC bought a new position in shares of Synopsys during the 1st quarter worth approximately $1,000,000. 85.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total value of $6,694,687.66. Following the transaction, the chief executive officer owned 71,615 shares in the company, valued at approximately $42,181,951.15. This trade represents a 13.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert G. Painter purchased 350 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was acquired at an average price of $425.44 per share, for a total transaction of $148,904.00. Following the purchase, the director owned 2,291 shares in the company, valued at approximately $974,683.04. The trade was a 18.03% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 30,894 shares of company stock worth $16,760,783. 0.62% of the stock is currently owned by company insiders.

Synopsys Trading Down 4.8%

Shares of SNPS opened at $490.32 on Wednesday. Synopsys, Inc. has a 52-week low of $365.74 and a 52-week high of $651.73. The business's fifty day moving average is $577.75 and its 200-day moving average is $507.53. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 1.62. The firm has a market cap of $91.08 billion, a price-to-earnings ratio of 38.49, a PEG ratio of 5.82 and a beta of 1.14.

Wall Street Analysts Forecast Growth

SNPS has been the subject of several research analyst reports. Morgan Stanley reduced their target price on Synopsys from $715.00 to $510.00 and set an "overweight" rating for the company in a research note on Thursday, September 11th. Piper Sandler reduced their target price on Synopsys from $660.00 to $630.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Rosenblatt Securities reiterated a "neutral" rating and set a $605.00 target price (down from $650.00) on shares of Synopsys in a research note on Wednesday, September 10th. The Goldman Sachs Group reduced their target price on Synopsys from $700.00 to $600.00 and set a "buy" rating for the company in a research note on Wednesday, September 10th. Finally, Wall Street Zen downgraded Synopsys from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. Eleven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $585.33.

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.

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