Greenleaf Trust Raises Position in Synopsys, Inc. (NASDAQ:SNPS)

Greenleaf Trust lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 17.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,093 shares of the semiconductor company's stock after purchasing an additional 1,184 shares during the period. Greenleaf Trust's holdings in Synopsys were worth $3,471,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Synopsys in the fourth quarter valued at $583,608,000. GAMMA Investing LLC increased its holdings in Synopsys by 54,286.0% in the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after acquiring an additional 1,194,292 shares during the last quarter. Price T Rowe Associates Inc. MD increased 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 worth $2,864,933,000 after acquiring an additional 1,045,326 shares during the last quarter. Capital Research Global Investors bought a new stake in Synopsys in the 4th quarter valued at about $239,864,000. Finally, Ameriprise Financial Inc. lifted its holdings in Synopsys by 26.2% during the fourth 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 last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SNPS shares. Piper Sandler reiterated an "overweight" rating and issued a $615.00 target price (down previously from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. Mizuho cut their price objective on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Bank of America reduced their price objective on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group began coverage on Synopsys in a research report on Thursday. They set a "buy" rating and a $620.00 target price on the stock. Finally, KeyCorp raised their price target on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Synopsys has a consensus rating of "Moderate Buy" and a consensus target price of $612.67.

Synopsys Price Performance

NASDAQ:SNPS traded down $6.91 during trading hours on Friday, hitting $559.28. 1,358,473 shares of the company's stock traded hands, compared to its average volume of 1,190,902. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $621.24. The business's fifty day simple moving average is $499.27 and its two-hundred day simple moving average is $480.18. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The firm has a market cap of $86.78 billion, a P/E ratio of 40.38, a P/E/G ratio of 3.74 and a beta of 1.12.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings results 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 return on equity of 17.09% and a net margin of 34.77%. The firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter last year, the firm posted $3.00 EPS. The company's revenue was up 10.3% compared to the same quarter last year. On average, research analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 15,291 shares in the company, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $457.93, for a total value of $5,204,832.38. Following the transaction, the chief executive officer owned 71,589 shares in the company, valued at $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is currently owned by corporate insiders.

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.