Ontario Teachers Pension Plan Board Makes New Investment in Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• The Ontario Teachers Pension Plan Board has acquired a new position in Synopsys, Inc., purchasing 720 shares valued at approximately $309,000.
• Synopsys reported strong earnings of $3.67 per share, surpassing analysts' expectations, with a year-over-year revenue increase of 10.3%.
• Various analysts have given Synopsys a consensus rating of "Moderate Buy," with price targets ranging from $540 to $660.

Ontario Teachers Pension Plan Board bought a new position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 720 shares of the semiconductor company's stock, valued at approximately $309,000.

Other large investors have also bought and sold shares of the company. Cornerstone Planning Group LLC increased its position in Synopsys by 275.0% in the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock worth $25,000 after buying an additional 44 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of Synopsys in the fourth quarter worth $29,000. Cloud Capital Management LLC bought a new position in shares of Synopsys in the first quarter worth $36,000. Meeder Asset Management Inc. boosted its holdings in shares of Synopsys by 33.3% in the first quarter. Meeder Asset Management Inc. now owns 104 shares of the semiconductor company's stock worth $45,000 after acquiring an additional 26 shares during the period. Finally, GoalVest Advisory LLC bought a new position in shares of Synopsys in the first quarter worth $50,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Trading Down 0.1%

NASDAQ SNPS opened at $619.42 on Friday. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average of $544.48 and a 200-day moving average of $494.74. The firm has a market cap of $96.11 billion, a PE ratio of 44.72, a price-to-earnings-growth ratio of 4.10 and a beta of 1.15.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating 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 company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the previous year, the company posted $3.00 EPS. Synopsys's revenue for the quarter was up 10.3% on a year-over-year basis. As a group, sell-side analysts forecast that Synopsys, Inc. will post 10.64 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SNPS shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $660.00 price target (up from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. KeyCorp raised their price target on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. The Goldman Sachs Group began coverage on Synopsys in a research note on Thursday, July 10th. They set a "buy" rating and a $620.00 price objective for the company. Mizuho dropped their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Piper Sandler lifted their price objective on Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $622.33.

Insider Transactions at Synopsys

In other news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction that occurred 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 sale, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of Synopsys 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 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. In the last three months, insiders have sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is currently owned by 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.

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