Pallas Capital Advisors LLC Increases Position in Synopsys, Inc. (NASDAQ:SNPS)

Pallas Capital Advisors LLC boosted its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 17.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,266 shares of the semiconductor company's stock after purchasing an additional 2,518 shares during the period. Pallas Capital Advisors LLC's holdings in Synopsys were worth $7,405,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SNPS. Farther Finance Advisors LLC raised its holdings in shares of Synopsys by 9.1% in the first quarter. Farther Finance Advisors LLC now owns 1,899 shares of the semiconductor company's stock worth $828,000 after buying an additional 158 shares during the period. Bangor Savings Bank boosted its stake in shares of Synopsys by 118.2% during the first quarter. Bangor Savings Bank now owns 2,843 shares of the semiconductor company's stock valued at $1,219,000 after purchasing an additional 1,540 shares during the period. Park Avenue Securities LLC grew its holdings in shares of Synopsys by 9.2% in the first quarter. Park Avenue Securities LLC now owns 11,217 shares of the semiconductor company's stock worth $4,810,000 after purchasing an additional 941 shares during the last quarter. Barden Capital Management Inc. grew its holdings in shares of Synopsys by 3.4% in the first quarter. Barden Capital Management Inc. now owns 1,894 shares of the semiconductor company's stock worth $812,000 after purchasing an additional 62 shares during the last quarter. Finally, Sivia Capital Partners LLC increased its stake in Synopsys by 27.1% in the 1st quarter. Sivia Capital Partners LLC now owns 614 shares of the semiconductor company's stock worth $263,000 after buying an additional 131 shares during the period. 85.47% of the stock is currently owned by institutional investors.

Synopsys Price Performance

NASDAQ SNPS traded down $5.74 during trading on Thursday, hitting $494.99. The company's stock had a trading volume of 867,710 shares, compared to its average volume of 1,151,953. Synopsys, Inc. has a fifty-two week low of $365.74 and a fifty-two week high of $624.80. The company has a market cap of $76.80 billion, a PE ratio of 34.09, a P/E/G ratio of 3.23 and a beta of 1.11. The business's 50 day simple moving average is $462.08 and its 200-day simple moving average is $482.81.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its 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. 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 36.12% and a return on equity of 20.48%. Synopsys's revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the business earned $3.00 EPS. Analysts expect that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 71,589 shares of the company's stock, valued at $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 15,291 shares in the company, valued at $7,427,144.52. The trade was a 32.34% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SNPS. KeyCorp set a $540.00 target price on shares of Synopsys in a research report on Tuesday, June 3rd. Morgan Stanley lowered their price target on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a research report on Monday, February 24th. 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. Bank of America reduced their price target on Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $607.14.

Synopsys Company Profile

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.