Raymond James Financial Inc. Trims Holdings in Synopsys, Inc. $SNPS

Key Points

• Raymond James Financial Inc. has reduced its stake in Synopsys, Inc. by 5.8%, now owning approximately 386,388 shares valued at around $165.7 million.
• In the most recent quarter, Synopsys reported earnings per share of $3.67, exceeding analyst expectations, and a revenue of $1.60 billion.
• Analysts have issued mostly "buy" ratings for Synopsys, with price targets ranging from $550 to $660, reflecting a positive outlook for the company's stock.

Raymond James Financial Inc. lowered its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 5.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 386,388 shares of the semiconductor company's stock after selling 23,749 shares during the quarter. Raymond James Financial Inc. owned about 0.25% of Synopsys worth $165,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in SNPS. Brighton Jones LLC boosted its position in Synopsys by 5.7% during the fourth quarter. Brighton Jones LLC now owns 921 shares of the semiconductor company's stock valued at $447,000 after purchasing an additional 50 shares in the last quarter. XTX Topco Ltd bought a new stake in Synopsys during the fourth quarter valued at about $228,000. Jump Financial LLC bought a new stake in Synopsys during the fourth quarter valued at about $453,000. NewEdge Advisors LLC boosted its position in Synopsys by 5.1% during the fourth quarter. NewEdge Advisors LLC now owns 2,615 shares of the semiconductor company's stock valued at $1,269,000 after purchasing an additional 127 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in Synopsys by 154.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 44,909 shares of the semiconductor company's stock valued at $21,797,000 after purchasing an additional 27,225 shares in the last quarter. Institutional investors own 85.47% of the company's stock.

Synopsys Stock Up 0.3%

Shares of SNPS stock opened at $617.91 on Monday. The stock has a 50 day moving average of $558.90 and a 200 day moving average of $497.65. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The stock has a market cap of $95.87 billion, a P/E ratio of 44.61, a P/E/G ratio of 4.09 and a beta of 1.15. Synopsys, Inc. has a twelve month low of $365.74 and a twelve month high of $651.73.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 17.09% and a net margin of 34.77%. Synopsys's quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the business earned $3.00 earnings per share. As a group, sell-side analysts expect that Synopsys, Inc. will post 10.64 EPS for the current year.

Wall Street Analysts Forecast Growth

SNPS has been the subject of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $660.00 price target (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. Bank of America raised their price target on Synopsys from $575.00 to $625.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Stifel Nicolaus set a $550.00 price target on Synopsys in a report on Monday, April 28th. The Goldman Sachs Group initiated coverage on Synopsys in a report on Thursday, July 10th. They issued a "buy" rating and a $620.00 price target for the company. Finally, Rosenblatt Securities raised their price target on Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Synopsys presently has a consensus rating of "Moderate Buy" and an average target price of $630.67.

Insider Activity

In other news, CRO Richard S. Mahoney sold 9,010 shares of the business's 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 $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the business'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 value of $5,204,832.38. Following the completion of the sale, the chief executive officer owned 71,589 shares of the company's stock, valued at $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock worth $13,001,048 over the last three months. 0.62% of the stock is currently owned by corporate insiders.

Synopsys Company 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.

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