PNC Financial Services Group Inc. Has $11.72 Million Position in Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Synopsys, Inc. by 7.5%, owning 27,336 shares valued at approximately $11.72 million at the end of the first quarter.
• Insider activity saw CEO Sassine Ghazi sell 11,366 shares for over $5 million, reducing his ownership in the company by 13.7%.
• Research firms have been optimistic about Synopsys, with multiple boosts to price targets, including an increase to $660.00 from Piper Sandler, suggesting a strong market outlook.

PNC Financial Services Group Inc. increased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,336 shares of the semiconductor company's stock after buying an additional 1,918 shares during the period. PNC Financial Services Group Inc.'s holdings in Synopsys were worth $11,723,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SNPS. UNIVEST FINANCIAL Corp boosted its holdings in Synopsys by 14.4% in the first quarter. UNIVEST FINANCIAL Corp now owns 6,532 shares of the semiconductor company's stock valued at $2,801,000 after acquiring an additional 820 shares during the last quarter. Commerce Bank increased its position in shares of Synopsys by 1.0% during the first quarter. Commerce Bank now owns 10,209 shares of the semiconductor company's stock worth $4,378,000 after buying an additional 106 shares during the period. Howland Capital Management LLC raised its stake in Synopsys by 0.8% during the first quarter. Howland Capital Management LLC now owns 39,887 shares of the semiconductor company's stock worth $17,106,000 after buying an additional 302 shares during the last quarter. US Bancorp DE lifted its holdings in Synopsys by 54.5% in the first quarter. US Bancorp DE now owns 110,630 shares of the semiconductor company's stock valued at $47,444,000 after buying an additional 39,042 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in Synopsys by 8.5% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 793 shares of the semiconductor company's stock valued at $340,000 after acquiring an additional 62 shares during the last quarter. 85.47% of the stock is owned by institutional investors.

Insider Activity at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $457.93, for a total value of $5,204,832.38. Following the completion of the transaction, the chief executive officer directly owned 71,589 shares in the company, valued at approximately $32,782,750.77. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total value of $4,245,602.10. Following the sale, the executive owned 1,485 shares in the company, 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. In the last three months, insiders have sold 27,686 shares of company stock worth $13,001,048. Company insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SNPS. Piper Sandler lifted their price objective on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Needham & Company LLC reiterated a "buy" rating and set a $660.00 price objective (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. Stifel Nicolaus set a $550.00 target price on Synopsys in a research report on Monday, April 28th. Rosenblatt Securities boosted their price target on shares of Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Mizuho cut their price target on Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Synopsys currently has an average rating of "Moderate Buy" and an average target price of $622.33.

Synopsys Stock Down 1.2%

Shares of NASDAQ:SNPS opened at $628.50 on Wednesday. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $651.73. The company has a market capitalization of $97.52 billion, a PE ratio of 45.38, a price-to-earnings-growth ratio of 4.21 and a beta of 1.15. The business has a fifty day moving average price of $534.72 and a two-hundred day moving average price of $492.91. 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 (NASDAQ:SNPS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the previous year, the firm posted $3.00 earnings per share. The company's revenue for the quarter was up 10.3% on a year-over-year basis. Analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current year.

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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