OVERSEA CHINESE BANKING Corp Ltd Raises Stake in Synopsys, Inc. (NASDAQ:SNPS)

OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 221.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 64,350 shares of the semiconductor company's stock after buying an additional 44,307 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Synopsys were worth $27,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SNPS. Dynamic Advisor Solutions LLC purchased a new position in Synopsys in the first quarter worth $1,000,000. Bancreek Capital Management LP bought a new stake in Synopsys during the fourth quarter worth about $3,827,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Synopsys by 3.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company's stock valued at $8,651,000 after purchasing an additional 655 shares during the last quarter. Integrated Advisors Network LLC raised its holdings in shares of Synopsys by 8.0% during the 1st quarter. Integrated Advisors Network LLC now owns 529 shares of the semiconductor company's stock valued at $227,000 after buying an additional 39 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Synopsys by 8.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,748 shares of the semiconductor company's stock valued at $2,894,000 after buying an additional 550 shares in the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNPS has been the subject of several research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $650.00 target price on shares of Synopsys in a research note on Thursday, May 29th. Piper Sandler reaffirmed an "overweight" rating and issued a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. The Goldman Sachs Group started coverage on shares of Synopsys in a research report on Thursday. They issued a "buy" rating and a $620.00 target price on the stock. Bank of America cut their price target on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Mizuho decreased their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $612.67.

Insider Activity

In related news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the transaction, the chief executive officer owned 71,589 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the firm's stock in a transaction dated 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 sale, the chief financial officer owned 15,291 shares of the company's stock, valued at $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,686 shares of company stock valued at $13,001,048. Corporate insiders own 0.62% of the company's stock.

Synopsys Trading Down 1.7%

Shares of SNPS stock traded down $9.75 during trading hours on Monday, reaching $549.53. The company's stock had a trading volume of 5,083,402 shares, compared to its average volume of 1,321,682. 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, Inc. has a one year low of $365.74 and a one year high of $621.24. The stock has a market capitalization of $85.27 billion, a P/E ratio of 39.68, a P/E/G ratio of 3.69 and a beta of 1.12. The firm's fifty day simple moving average is $499.27 and its 200 day simple moving average is $479.93.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.27. The business had revenue of $1.60 billion for 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%. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.00 earnings per share. Equities research analysts expect 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.