Oppenheimer Asset Management Inc. Purchases 5,658 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Oppenheimer Asset Management Inc. boosted its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 23.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,560 shares of the semiconductor company's stock after acquiring an additional 5,658 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Synopsys were worth $12,677,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in SNPS. Norges Bank bought a new stake in Synopsys in the fourth quarter worth about $583,608,000. GAMMA Investing LLC raised its position in Synopsys by 54,286.0% in the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after acquiring an additional 1,194,292 shares during the period. Price T Rowe Associates Inc. MD raised its position in Synopsys by 21.5% in the fourth 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 acquiring an additional 1,045,326 shares during the period. Capital Research Global Investors bought a new stake in Synopsys in the fourth quarter worth about $239,864,000. Finally, Raymond James Financial Inc. bought a new stake in Synopsys in the fourth quarter worth about $199,065,000. Institutional investors own 85.47% of the company's stock.

Synopsys Price Performance

Shares of NASDAQ:SNPS opened at $470.98 on Tuesday. The company has a 50 day moving average of $473.40 and a 200 day moving average of $477.61. The stock has a market cap of $73.08 billion, a P/E ratio of 34.01, a P/E/G ratio of 3.11 and a beta of 1.11. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.40 by $0.27. The company had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. Synopsys's revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.00 earnings per share. As a group, sell-side analysts forecast that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

Insider Activity at Synopsys

In related news, CRO Richard S. Mahoney sold 9,010 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the transaction, the executive now owns 1,485 shares of the company's stock, valued at approximately $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction of $5,204,832.38. Following the completion of 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 represents a 13.70% 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 valued at $13,001,048. Corporate insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Bank of America lowered their price objective on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Mizuho reduced their target price on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley reduced their target price on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a research note on Monday, February 24th. Stifel Nicolaus set a $550.00 target price on shares of Synopsys in a research note on Monday, April 28th. Finally, Rosenblatt Securities reduced their target price on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average 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.

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