Harvest Portfolios Group Inc. Has $20.75 Million Stock Position in Synopsys, Inc. $SNPS

Key Points

• Harvest Portfolios Group Inc. has reduced its stake in Synopsys, Inc. by 2.4%, leaving it with 48,381 shares valued at approximately $20.75 million.
• Multiple institutional investors have increased or established positions in Synopsys, with North Star Asset Management raising its stake by 3.6% and SlateStone Wealth LLC growing its position by 467.8%.
• Synopsys received positive analyst ratings, with Piper Sandler and Morgan Stanley adjusting their price targets upward, indicating a strong outlook for the company's stock.

Harvest Portfolios Group Inc. lowered its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 2.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,381 shares of the semiconductor company's stock after selling 1,177 shares during the period. Harvest Portfolios Group Inc.'s holdings in Synopsys were worth $20,748,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Cornerstone Planning Group LLC grew its position in Synopsys by 275.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 44 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd raised its position in Synopsys by 441.7% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 53 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Synopsys during the fourth quarter valued at about $29,000. Cloud Capital Management LLC acquired a new stake in shares of Synopsys during the first quarter valued at about $36,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of Synopsys by 33.3% during the first quarter. Meeder Asset Management Inc. now owns 104 shares of the semiconductor company's stock valued at $45,000 after purchasing an additional 26 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Synopsys Trading Down 1.4%

Shares of Synopsys stock traded down $8.65 on Friday, hitting $603.52. 992,830 shares of the company's stock traded hands, compared to its average volume of 1,407,591. The company has a fifty day moving average of $580.41 and a two-hundred day moving average of $502.95. Synopsys, Inc. has a one year low of $365.74 and a one year high of $651.73. The company has a market capitalization of $93.64 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 3.96 and a beta of 1.15. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.40 by $0.27. The firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a return on equity of 17.09% and a net margin of 34.77%.The company's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business earned $3.00 EPS. As a group, sell-side analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on SNPS shares. Wells Fargo & Company reissued a "positive" rating on shares of Synopsys in a research note on Wednesday. KeyCorp upped their price target on shares of Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. The Goldman Sachs Group initiated coverage on shares of Synopsys in a research report on Thursday, July 10th. They issued a "buy" rating and a $620.00 price target for the company. Needham & Company LLC restated a "buy" rating and issued a $660.00 price target (up from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Finally, Rosenblatt Securities upped their price target on shares of Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $634.64.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 71,589 shares in the company, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the completion of the sale, the chief financial officer owned 15,291 shares of the company's stock, valued at $7,427,144.52. The trade was a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,686 shares of company stock valued at $13,001,048 over the last ninety days. 0.62% of the stock is owned by corporate insiders.

About Synopsys

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.