Pinnacle Wealth Planning Services Inc. Boosts Stock Position in Synopsys, Inc. $SNPS

Key Points

• Pinnacle Wealth Planning Services Inc. increased its stake in Synopsys, Inc. by 64.3% in Q1, acquiring an additional 425 shares, bringing its total holdings to 1,086 shares valued at $466,000.
• Several analysts have updated their price targets for Synopsys, with Rosenblatt Securities raising theirs to $650.00, while a consensus rating for the stock stands at "Moderate Buy" with an average target price of $634.64.
• CEO Sassine Ghazi sold over 11,000 shares recently, which marked a 13.70% decrease in his ownership, which is part of a larger trend as insiders sold a total of $13 million worth of stock in the last ninety days.

Pinnacle Wealth Planning Services Inc. boosted its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 64.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,086 shares of the semiconductor company's stock after buying an additional 425 shares during the period. Pinnacle Wealth Planning Services Inc.'s holdings in Synopsys were worth $466,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Ameriflex Group Inc. bought a new position in Synopsys in the 4th quarter worth about $29,000. Cornerstone Planning Group LLC increased its holdings in shares of Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock worth $25,000 after buying an additional 44 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Synopsys by 441.7% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after buying an additional 53 shares in the last quarter. WPG Advisers LLC purchased a new stake in shares of Synopsys during the 1st quarter valued at $34,000. Finally, Cloud Capital Management LLC purchased a new stake in Synopsys during the first quarter valued at about $36,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on SNPS shares. Needham & Company LLC restated a "buy" rating and issued a $660.00 target price (up previously from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Rosenblatt Securities raised their price target on Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. The Goldman Sachs Group began coverage on Synopsys in a research note on Thursday, July 10th. They issued a "buy" rating and a $620.00 price target on the stock. Wells Fargo & Company reaffirmed a "positive" rating on shares of Synopsys in a research note on Wednesday, August 27th. Finally, Piper Sandler boosted their price objective on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $634.64.

Insider Buying and Selling

In other news, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total value of $3,550,613.20. Following the sale, the chief financial officer owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction that occurred 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 transaction, the executive directly owned 1,485 shares in the company, valued at $699,746.85. The trade was a 85.85% decrease in their position. 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 $11.51 during midday trading on Tuesday, reaching $592.01. 1,388,123 shares of the stock traded hands, compared to its average volume of 978,028. 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 one year low of $365.74 and a one year high of $651.73. The stock has a market capitalization of $91.86 billion, a PE ratio of 42.74, a P/E/G ratio of 3.97 and a beta of 1.14. The company's 50 day moving average is $587.98 and its 200 day moving average is $504.43.

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.