PFG Advisors Purchases 2,227 Shares of Synopsys, Inc. (NASDAQ:SNPS)

PFG Advisors raised its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 39.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,936 shares of the semiconductor company's stock after acquiring an additional 2,227 shares during the period. PFG Advisors' holdings in Synopsys were worth $3,404,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisors Capital Management LLC raised its holdings in Synopsys by 2.3% during the fourth quarter. Advisors Capital Management LLC now owns 840 shares of the semiconductor company's stock worth $408,000 after purchasing an additional 19 shares in the last quarter. Hazlett Burt & Watson Inc. increased its holdings in shares of Synopsys by 28.6% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company's stock valued at $44,000 after buying an additional 20 shares in the last quarter. Peninsula Wealth LLC increased its holdings in shares of Synopsys by 0.5% in the fourth quarter. Peninsula Wealth LLC now owns 4,224 shares of the semiconductor company's stock valued at $2,050,000 after buying an additional 20 shares in the last quarter. Williams Jones Wealth Management LLC. increased its holdings in shares of Synopsys by 0.5% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 4,650 shares of the semiconductor company's stock valued at $2,257,000 after buying an additional 22 shares in the last quarter. Finally, Hardy Reed LLC increased its holdings in shares of Synopsys by 0.7% in the first quarter. Hardy Reed LLC now owns 3,290 shares of the semiconductor company's stock valued at $1,411,000 after buying an additional 22 shares in the last quarter. Institutional investors own 85.47% of the company's stock.

Synopsys Stock Performance

Shares of NASDAQ SNPS traded down $1.72 during mid-day trading on Friday, hitting $607.96. The company had a trading volume of 970,764 shares, compared to its average volume of 1,437,180. The firm has a market cap of $94.33 billion, a P/E ratio of 43.92, a PEG ratio of 4.07 and a beta of 1.12. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $618.49. The business's 50-day simple moving average is $516.09 and its 200-day simple moving average is $486.19.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating 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 34.77% and a return on equity of 17.09%. Synopsys's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.00 earnings per share. As a group, analysts predict that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Activity

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 71,589 shares in the company, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was 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 directly owned 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 disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock valued at $13,001,048 in the last quarter. Company insiders own 0.62% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on SNPS shares. Piper Sandler upped their price target on Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a report on Monday. Rosenblatt Securities boosted their target price on shares of Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research note on Friday. Bank of America boosted their target price on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Needham & Company LLC reissued a "buy" rating and set a $660.00 target price (up from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Finally, KeyCorp boosted their target price on shares of Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $622.33.

Synopsys 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.