Rhumbline Advisers Acquires 8,601 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Rhumbline Advisers increased its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 299,628 shares of the semiconductor company's stock after buying an additional 8,601 shares during the period. Rhumbline Advisers owned about 0.19% of Synopsys worth $128,495,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank bought a new stake in shares of Synopsys during the 4th quarter worth about $583,608,000. GAMMA Investing LLC raised its holdings in shares of Synopsys by 54,286.0% in the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after purchasing an additional 1,194,292 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Synopsys by 21.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company's stock worth $2,864,933,000 after purchasing an additional 1,045,326 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of Synopsys in the 4th quarter worth approximately $239,864,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Synopsys in the 4th quarter worth approximately $199,065,000. 85.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Piper Sandler reissued an "overweight" rating and issued a $615.00 target price (down from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Stifel Nicolaus set a $550.00 target price on shares of Synopsys in a research report on Monday, April 28th. KeyCorp set a $575.00 price objective on shares of Synopsys and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Mizuho lowered their price objective on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 price objective on shares of Synopsys in a research report on Thursday, May 29th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $609.64.

Synopsys Trading Up 1.9%

NASDAQ:SNPS traded up $9.01 during trading hours on Thursday, hitting $482.20. 1,676,431 shares of the company traded hands, compared to its average volume of 1,145,139. The stock has a market capitalization of $74.82 billion, a price-to-earnings ratio of 33.21, a P/E/G ratio of 3.23 and a beta of 1.16. Synopsys, Inc. has a twelve month low of $365.74 and a twelve month high of $624.80. The firm has a 50-day moving average of $455.95 and a 200 day moving average of $484.27.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.40 by $0.27. The firm had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. The business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $3.00 EPS. Equities research analysts predict that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction 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 sale, the chief executive officer now owns 71,589 shares of the company's stock, valued at $32,782,750.77. The trade was a 13.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.62% of the company's stock.

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.