Kayne Anderson Rudnick Investment Management LLC Purchases 506 Shares of Synopsys, Inc. $SNPS

Key Points

• Kayne Anderson Rudnick Investment Management LLC significantly increased its holdings in Synopsys, Inc. by 328.6% during the first quarter, acquiring an additional 506 shares to reach a total of 660 shares valued at $283,000.
• Several other institutional investors also increased their stakes in Synopsys, with 85.47% of the company's stock now owned by institutional investors and hedge funds.
• Analysts have a consensus rating of "Moderate Buy" for Synopsys, with the average price target set at $634.64, reflecting positive sentiment among twelve investment analysts who rated the stock as a buy.

Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 328.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 660 shares of the semiconductor company's stock after purchasing an additional 506 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Synopsys were worth $283,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. North Star Asset Management Inc. boosted its position in Synopsys by 3.6% during the 1st quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company's stock valued at $25,847,000 after buying an additional 2,082 shares during the period. SlateStone Wealth LLC raised its stake in shares of 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 acquiring an additional 8,420 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Synopsys during the first quarter worth about $1,000,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Synopsys by 3.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company's stock worth $8,651,000 after purchasing an additional 655 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in Synopsys during the 1st quarter valued at about $3,116,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on SNPS shares. Morgan Stanley reiterated an "overweight" rating and issued a $715.00 price objective (up previously from $540.00) on shares of Synopsys in a report on Monday, August 11th. KeyCorp raised their price target on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Piper Sandler boosted their price objective on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Needham & Company LLC reaffirmed a "buy" rating and issued a $660.00 target price (up from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company reaffirmed a "positive" rating on shares of Synopsys in a research note on Wednesday, August 27th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $634.64.

Synopsys Stock Down 1.9%

SNPS traded down $11.51 during midday trading on Tuesday, reaching $592.01. The company's stock had a trading volume of 1,388,123 shares, compared to its average volume of 978,028. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $651.73. The stock's 50-day moving average is $587.98 and its 200-day moving average is $504.43. The firm has a market capitalization of $91.86 billion, a price-to-earnings ratio of 42.74, a PEG ratio of 3.97 and a beta of 1.14. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

Insider Activity at Synopsys

In related news, CFO Shelagh Glaser sold 7,310 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer owned 15,291 shares of the company's stock, valued at $7,427,144.52. This trade represents a 32.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Richard S. Mahoney sold 9,010 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the sale, the executive directly owned 1,485 shares in the company, valued at $699,746.85. This trade represents a 85.85% decrease in their ownership of the stock. 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.