New Century Financial Group LLC Takes Position in Synopsys, Inc. (NASDAQ:SNPS)

New Century Financial Group LLC purchased a new position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 566 shares of the semiconductor company's stock, valued at approximately $243,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Synopsys by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company's stock worth $7,029,360,000 after buying an additional 120,575 shares in the last quarter. Capital World Investors raised its holdings in Synopsys by 1.6% during the 4th quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company's stock worth $3,533,526,000 after purchasing an additional 114,893 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. Geode Capital Management LLC raised its holdings in Synopsys by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company's stock worth $1,625,230,000 after purchasing an additional 75,298 shares during the last quarter. 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 Activity at Synopsys

In other Synopsys news, CFO Shelagh Glaser sold 7,310 shares of the company'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 now owns 15,291 shares of the company's stock, valued at $7,427,144.52. This represents a 32.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the company'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 transaction, the chief executive officer now directly owns 71,589 shares of the company's stock, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by insiders.

Synopsys Trading Down 3.3%

Shares of SNPS stock traded down $16.13 on Friday, reaching $478.86. The company had a trading volume of 1,162,459 shares, compared to its average volume of 1,158,402. The stock has a market cap of $74.30 billion, a PE ratio of 32.98, a PEG ratio of 3.23 and a beta of 1.11. The company has a 50-day moving average of $466.31 and a 200-day moving average of $481.37. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.27. Synopsys had a return on equity of 20.48% and a net margin of 36.12%. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the firm earned $3.00 EPS. Synopsys's quarterly revenue was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on SNPS. Needham & Company LLC reissued a "buy" rating and set a $650.00 price objective on shares of Synopsys in a report on Thursday, May 29th. Bank of America dropped their price objective on Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. KeyCorp set a $540.00 price objective on Synopsys in a report on Tuesday, June 3rd. Piper Sandler reissued an "overweight" rating and set a $615.00 price objective (down from $653.00) on shares of Synopsys in a report on Thursday, May 29th. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a report on Monday, April 28th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Synopsys has an average rating of "Moderate Buy" and a consensus price target of $607.14.

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.