Formidable Asset Management LLC Acquires Shares of 1,245 Synopsys, Inc. (NASDAQ:SNPS)

Formidable Asset Management LLC bought a new position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,245 shares of the semiconductor company's stock, valued at approximately $604,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Synopsys by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company's stock worth $7,029,360,000 after acquiring an additional 120,575 shares in the last quarter. Capital World Investors raised its stake in shares of 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 purchasing an additional 114,893 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of 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 purchasing an additional 1,045,326 shares during the period. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 75,298 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of 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 purchasing an additional 391,681 shares during the period. 85.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. KeyCorp set a $575.00 price target on Synopsys and gave the company an "overweight" rating in a research note on Tuesday, May 20th. Wells Fargo & Company dropped their price target on Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Morgan Stanley dropped their price target on Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a research note on Monday, February 24th. Rosenblatt Securities reissued a "buy" rating and issued a $660.00 price target on shares of Synopsys in a research note on Tuesday, February 25th. Finally, Piper Sandler lowered their target price on Synopsys from $655.00 to $653.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $614.86.

Synopsys Stock Performance

SNPS traded down $49.36 during trading hours on Wednesday, reaching $462.43. The company's stock had a trading volume of 4,790,448 shares, compared to its average volume of 1,121,537. The company's 50-day moving average is $453.18 and its 200-day moving average is $487.60. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The firm has a market cap of $71.50 billion, a PE ratio of 31.85, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.27. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. Synopsys's revenue was up 10.3% compared to the same quarter last year. During the same period last year, the firm earned $3.00 EPS. Equities analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $463.75, for a total value of $5,270,982.50. Following the completion of the sale, the chief executive officer now owns 70,922 shares of the company's stock, valued at approximately $32,890,077.50. The trade was a 13.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Geus Aart De sold 15,705 shares of Synopsys stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the completion of the sale, the insider now owns 116,671 shares of the company's stock, valued at $51,850,925.82. This trade represents a 11.86% decrease in their position. The disclosure for this sale can be found here. Corporate 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.