Perigon Wealth Management LLC Purchases 527 Shares of Synopsys, Inc. $SNPS

Key Points

• Perigon Wealth Management LLC increased its stake in Synopsys, Inc. by 32.8%, owning a total of 2,132 shares worth approximately $1,093,000 as of the latest SEC filing.
• Major institutional investors like Vanguard Group Inc. and Pictet Asset Management also increased their holdings in Synopsys during the first quarter, indicating strong interest from the investment community.
• Analysts have adjusted their price targets for Synopsys, with a consensus rating of "Hold" and an average price target set at $585.33, reflecting recent fluctuations in the company's stock performance.

Perigon Wealth Management LLC grew its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 32.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,132 shares of the semiconductor company's stock after buying an additional 527 shares during the quarter. Perigon Wealth Management LLC's holdings in Synopsys were worth $1,093,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Synopsys by 2.4% during the first quarter. Vanguard Group Inc. now owns 14,829,770 shares of the semiconductor company's stock worth $6,359,747,000 after buying an additional 346,994 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Synopsys by 38.3% during the first quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock worth $1,043,518,000 after buying an additional 673,837 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Synopsys by 6.6% during the first quarter. Ameriprise Financial Inc. now owns 2,013,380 shares of the semiconductor company's stock worth $863,500,000 after buying an additional 125,199 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Synopsys by 20.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,816,319 shares of the semiconductor company's stock worth $778,928,000 after buying an additional 305,489 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Synopsys by 22.2% during the first quarter. Alliancebernstein L.P. now owns 1,725,211 shares of the semiconductor company's stock worth $739,857,000 after buying an additional 313,218 shares during the last quarter. Institutional investors own 85.47% of the company's stock.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $487.76 on Friday. The firm's 50-day moving average price is $571.71 and its 200-day moving average price is $508.57. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73. The firm has a market capitalization of $90.60 billion, a P/E ratio of 38.29, a P/E/G ratio of 5.51 and a beta of 1.14. The company has a current ratio of 1.62, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52.

Insider Activity at Synopsys

In related news, Director Robert G. Painter acquired 350 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were purchased at an average price of $425.44 per share, for a total transaction of $148,904.00. Following the completion of the acquisition, the director owned 2,291 shares of the company's stock, valued at approximately $974,683.04. This trade represents a 18.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Shelagh Glaser sold 3,655 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $609.77, for a total transaction of $2,228,709.35. Following the transaction, the chief financial officer owned 15,317 shares in the company, valued at $9,339,847.09. This represents a 19.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,894 shares of company stock worth $16,760,783 over the last three months. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on SNPS. Baird R W cut shares of Synopsys from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 10th. KeyCorp reduced their price objective on shares of Synopsys from $660.00 to $590.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Rosenblatt Securities reissued a "neutral" rating and issued a $605.00 price objective (down previously from $650.00) on shares of Synopsys in a research note on Wednesday, September 10th. Piper Sandler reduced their price objective on shares of Synopsys from $660.00 to $630.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Finally, Mizuho dropped their target price on shares of Synopsys from $700.00 to $600.00 and set an "outperform" rating on the stock in a report on Thursday, September 11th. Eleven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $585.33.

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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