Resona Asset Management Co. Ltd. Acquires 4,739 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Synopsys, Inc. by 10.2%, owning a total of 51,362 shares worth approximately $22.1 million by the end of the first quarter.
• Several institutional investors have also made significant adjustments to their positions in Synopsys, with Cornerstone Planning Group LLC increasing its stake by 275%.
• Analyst ratings for Synopsys are predominantly positive, with an average target price of $630.67 and thirteen buy ratings among equity research analysts.

Resona Asset Management Co. Ltd. grew its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 10.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,362 shares of the semiconductor company's stock after buying an additional 4,739 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Synopsys were worth $22,101,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Advisors Capital Management LLC raised its holdings in Synopsys by 2.3% in the fourth quarter. Advisors Capital Management LLC now owns 840 shares of the semiconductor company's stock worth $408,000 after buying an additional 19 shares during the last quarter. Williams Jones Wealth Management LLC. increased its stake 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 worth $2,257,000 after purchasing an additional 22 shares in the last quarter. Hardy Reed LLC raised its position in shares of Synopsys by 0.7% during the 1st quarter. Hardy Reed LLC now owns 3,290 shares of the semiconductor company's stock valued at $1,411,000 after purchasing an additional 22 shares during the period. Resurgent Financial Advisors LLC boosted its holdings in Synopsys by 2.7% in the 1st quarter. Resurgent Financial Advisors LLC now owns 832 shares of the semiconductor company's stock worth $357,000 after buying an additional 22 shares during the period. Finally, Trust Asset Management LLC raised its holdings in Synopsys by 1.3% during the first quarter. Trust Asset Management LLC now owns 1,766 shares of the semiconductor company's stock valued at $757,000 after acquiring an additional 22 shares during the period. Institutional investors own 85.47% of the company's stock.

Insiders Place Their Bets

In related 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 transaction, the chief executive officer owned 71,589 shares of the company's stock, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the 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 transaction, the executive owned 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is owned by insiders.

Synopsys Stock Up 0.3%

SNPS traded up $1.55 during trading on Friday, hitting $617.91. The company had a trading volume of 881,572 shares, compared to its average volume of 1,431,324. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The company has a market cap of $95.87 billion, a PE ratio of 44.61, a P/E/G ratio of 4.09 and a beta of 1.15. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73. The business has a 50-day moving average of $556.26 and a 200-day moving average of $497.32.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its earnings results 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 return on equity of 17.09% and a net margin of 34.77%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the firm earned $3.00 EPS. The business's revenue was up 10.3% on a year-over-year basis. As a group, analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on SNPS shares. Rosenblatt Securities boosted 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. Morgan Stanley reiterated an "overweight" rating and issued a $715.00 price objective (up previously from $540.00) on shares of Synopsys in a research note on Monday. Needham & Company LLC reiterated a "buy" rating and set a $660.00 price target (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. Piper Sandler raised their price target on shares of Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Finally, The Goldman Sachs Group began coverage on Synopsys in a research report on Thursday, July 10th. They issued a "buy" rating and a $620.00 target price on the stock. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $630.67.

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.