Mackenzie Financial Corp Sells 30,914 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Mackenzie Financial Corp has significantly reduced its stake in Synopsys, Inc. by 59.7%, leaving it with 20,900 shares valued at approximately $8.96 million.
• Analysts have set a consensus rating of "Moderate Buy" on Synopsys' stock, with target prices ranging from $550 to $650, indicating positive market sentiment.
• Synopsys' CEO, Sassine Ghazi, recently sold over 11,000 shares, marking a notable decrease of over 13% in his holdings.

Mackenzie Financial Corp lowered its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 59.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,900 shares of the semiconductor company's stock after selling 30,914 shares during the period. Mackenzie Financial Corp's holdings in Synopsys were worth $8,963,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in Synopsys by 54,286.0% during the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after purchasing an additional 1,194,292 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Synopsys by 21.5% during 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 purchasing an additional 1,045,326 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in Synopsys by 38.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock worth $1,043,518,000 after purchasing an additional 673,837 shares during the last quarter. Capital Research Global Investors bought a new stake in Synopsys during the 4th quarter worth about $239,864,000. Finally, Ameriprise Financial Inc. raised its holdings in Synopsys by 26.2% during the 4th quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company's stock worth $916,441,000 after purchasing an additional 391,681 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company's stock.

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction on Monday, June 2nd. The stock was 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 owned 71,589 shares of the company's stock, valued at $32,782,750.77. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction on 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 sale, the chief financial officer directly owned 15,291 shares of the company's stock, valued at $7,427,144.52. The trade was a 32.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is owned by insiders.

Synopsys Trading Up 2.8%

SNPS traded up $17.37 on Monday, hitting $636.02. 1,121,008 shares of the company were exchanged, compared to its average volume of 1,456,677. The firm has a fifty day simple moving average of $529.64 and a two-hundred day simple moving average of $491.19. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $651.73. The stock has a market capitalization of $98.68 billion, a PE ratio of 45.92, a price-to-earnings-growth ratio of 4.09 and a beta of 1.15.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping 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 business had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter last year, the business posted $3.00 EPS. The business's revenue was up 10.3% on a year-over-year basis. Sell-side analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNPS. Piper Sandler boosted their price objective on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. KeyCorp boosted their price objective on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $660.00 price target (up from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Bank of America upped their price target on Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Mizuho decreased their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Synopsys presently has a consensus rating of "Moderate Buy" and an average price target of $622.33.

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.