QVT Financial LP Grows Position in Synopsys, Inc. $SNPS

Key Points

• QVT Financial LP increased its holdings in Synopsys, Inc. by 15.9%, now owning 4,503 shares valued at approximately $1.93 million.
• Several brokerages have raised their target price for Synopsys, with Bank of America increasing it from $575.00 to $625.00 and Needham & Company lifting theirs to $660.00.
• Insider trading has seen significant activity, including a sale by CFO Shelagh Glaser, who sold 7,310 shares at an average price of $485.72, reducing her holdings by over 32%.

QVT Financial LP lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 15.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,503 shares of the semiconductor company's stock after buying an additional 617 shares during the period. Synopsys makes up 0.2% of QVT Financial LP's portfolio, making the stock its 26th biggest position. QVT Financial LP's holdings in Synopsys were worth $1,931,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Caption Management LLC purchased a new stake in shares of Synopsys during the first quarter valued at $1,287,000. Saudi Central Bank purchased a new stake in shares of Synopsys during the first quarter valued at $26,000. Baird Financial Group Inc. boosted its position in shares of Synopsys by 208.5% during the first quarter. Baird Financial Group Inc. now owns 27,916 shares of the semiconductor company's stock valued at $11,972,000 after buying an additional 18,868 shares during the last quarter. Pinnacle Wealth Planning Services Inc. boosted its position in shares of Synopsys by 64.3% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 1,086 shares of the semiconductor company's stock valued at $466,000 after buying an additional 425 shares during the last quarter. Finally, Activest Wealth Management boosted its position in shares of Synopsys by 65.1% during the first quarter. Activest Wealth Management now owns 104 shares of the semiconductor company's stock valued at $44,000 after buying an additional 41 shares during the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SNPS. Bank of America raised their target price on Synopsys from $575.00 to $625.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Needham & Company LLC reissued a "buy" rating and issued a $660.00 target price (up from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Wells Fargo & Company reissued a "positive" rating on shares of Synopsys in a research report on Wednesday. Rosenblatt Securities raised their target price on Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Piper Sandler raised their target price on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $634.64.

Synopsys Stock Down 1.4%

Shares of SNPS opened at $603.52 on Friday. The business's 50 day moving average is $583.07 and its 200 day moving average is $503.42. The company has a market capitalization of $93.64 billion, a PE ratio of 43.58, a price-to-earnings-growth ratio of 3.97 and a beta of 1.15. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $651.73. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.40 by $0.27. Synopsys had a return on equity of 17.09% and a net margin of 34.77%.The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company posted $3.00 EPS. The company's revenue was up 10.3% compared to the same quarter last year. Research analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Synopsys news, 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 sale, the chief financial officer owned 15,291 shares of the company's stock, valued at $7,427,144.52. The trade was a 32.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 value of $4,245,602.10. Following the completion of the sale, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. The trade was a 85.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,686 shares of company stock valued at $13,001,048 in the last quarter. 0.62% of the stock is currently owned by insiders.

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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