Massachusetts Financial Services Co. MA Sells 910,206 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Massachusetts Financial Services Co. MA lessened its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 74.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 318,636 shares of the semiconductor company's stock after selling 910,206 shares during the period. Massachusetts Financial Services Co. MA owned about 0.21% of Synopsys worth $136,647,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cornerstone Planning Group LLC increased its holdings in Synopsys by 275.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 44 shares during the period. Ameriflex Group Inc. purchased a new position in Synopsys during the 4th quarter valued at about $29,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Synopsys during the 4th quarter valued at about $34,000. Cloud Capital Management LLC purchased a new position in Synopsys during the 1st quarter valued at about $36,000. Finally, Hazlett Burt & Watson Inc. increased its holdings in Synopsys by 28.6% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 20 shares during the period. Institutional investors own 85.47% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Synopsys in a report on Thursday, July 10th. They set a "buy" rating and a $620.00 price target on the stock. Piper Sandler restated an "overweight" rating and set a $615.00 price target (down previously from $653.00) on shares of Synopsys in a report on Thursday, May 29th. KeyCorp lifted their price objective on Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Mizuho cut their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $617.67.

Insider Transactions at Synopsys

In other news, CFO Shelagh Glaser sold 7,310 shares of the business'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 value of $3,550,613.20. Following 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction that occurred 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 directly owned 71,589 shares in the company, valued at approximately $32,782,750.77. This represents a 13.70% 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 in the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

Synopsys Stock Up 3.1%

Shares of SNPS traded up $17.81 during mid-day trading on Thursday, reaching $589.01. The company had a trading volume of 3,620,549 shares, compared to its average volume of 1,258,670. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02. The firm has a 50-day moving average price of $504.42 and a 200 day moving average price of $481.58. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $593.98. The company has a market capitalization of $91.39 billion, a price-to-earnings ratio of 42.53, a price-to-earnings-growth ratio of 3.78 and a beta of 1.12.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, topping analysts' consensus estimates 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 period in the previous year, the firm posted $3.00 EPS. The business's revenue for the quarter was up 10.3% compared to the same quarter last year. On average, sell-side analysts forecast that Synopsys, Inc. will post 10.64 EPS for the current year.

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.