Parnassus Investments LLC Purchases 182,642 Shares of Synopsys, Inc. $SNPS

Key Points

• Parnassus Investments LLC increased its stake in Synopsys, Inc. by 15.5% in Q1, acquiring an additional 182,642 shares, making it the firm's 29th largest holding.
• Several analysts have boosted their price targets for Synopsys with a consensus average target of $634.64 and a rating of "Moderate Buy".
• Insider activity included sales by CFO Shelagh Glaser and CRO Richard S. Mahoney, indicating significant transactions totaling over $7.7 million in shares sold within the last three months.

Parnassus Investments LLC raised its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 15.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,363,310 shares of the semiconductor company's stock after acquiring an additional 182,642 shares during the period. Synopsys comprises about 1.4% of Parnassus Investments LLC's investment portfolio, making the stock its 29th largest holding. Parnassus Investments LLC owned about 0.88% of Synopsys worth $584,655,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. WPG Advisers LLC bought a new position in Synopsys during the 1st quarter worth about $34,000. Landscape Capital Management L.L.C. bought a new position in shares of Synopsys during the first quarter worth about $1,450,000. OMERS ADMINISTRATION Corp raised its position in Synopsys by 17.3% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 364,322 shares of the semiconductor company's stock valued at $156,239,000 after buying an additional 53,706 shares during the last quarter. Coalescence Partners Investment Management LP lifted its stake in Synopsys by 116.1% in the 1st quarter. Coalescence Partners Investment Management LP now owns 47,053 shares of the semiconductor company's stock valued at $20,179,000 after acquiring an additional 25,276 shares in the last quarter. Finally, Earnest Partners LLC boosted its position in Synopsys by 0.5% during the 1st quarter. Earnest Partners LLC now owns 301,903 shares of the semiconductor company's stock worth $129,471,000 after acquiring an additional 1,467 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company's stock.

Wall Street Analyst Weigh In

SNPS has been the topic of several analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $660.00 target price (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. KeyCorp lifted their price objective on shares of Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wells Fargo & Company reissued a "positive" rating on shares of Synopsys in a research report on Wednesday, August 27th. Morgan Stanley reissued an "overweight" rating and issued a $715.00 price objective (up from $540.00) on shares of Synopsys in a research report on Monday, August 11th. Finally, The Goldman Sachs Group initiated coverage on shares of Synopsys in a report on Thursday, July 10th. They set a "buy" rating and a $620.00 target price for the company. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $634.64.

Insider Buying and Selling at Synopsys

In other news, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction dated 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 completion of the sale, the executive owned 1,485 shares of the company's stock, valued at approximately $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 15,291 shares in the company, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.62% of the company's stock.

Synopsys Price Performance

Shares of NASDAQ:SNPS traded down $11.53 during trading on Tuesday, reaching $591.99. 980,337 shares of the company traded hands, compared to its average volume of 1,404,267. The firm has a market capitalization of $91.85 billion, a PE ratio of 42.74, a PEG ratio of 3.97 and a beta of 1.14. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The company's 50 day moving average is $585.72 and its two-hundred day moving average is $503.81.

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.