Sigma Investment Counselors Inc. Sells 1,459 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Sigma Investment Counselors Inc. decreased its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,074 shares of the semiconductor company's stock after selling 1,459 shares during the quarter. Sigma Investment Counselors Inc.'s holdings in Synopsys were worth $10,753,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its holdings in Synopsys by 6.0% in the first quarter. China Universal Asset Management Co. Ltd. now owns 12,769 shares of the semiconductor company's stock worth $5,476,000 after purchasing an additional 719 shares during the period. Account Management LLC acquired a new stake in Synopsys in the first quarter worth about $2,056,000. Financial Counselors Inc. lifted its holdings in Synopsys by 5.3% in the first quarter. Financial Counselors Inc. now owns 34,225 shares of the semiconductor company's stock worth $14,677,000 after purchasing an additional 1,736 shares during the period. YANKCOM Partnership lifted its holdings in Synopsys by 9.7% in the first quarter. YANKCOM Partnership now owns 520 shares of the semiconductor company's stock worth $223,000 after purchasing an additional 46 shares during the period. Finally, Callan Capital LLC acquired a new stake in Synopsys in the first quarter worth about $224,000. Institutional investors and hedge funds own 85.47% of the company's stock.

Synopsys Stock Up 2.8%

Shares of NASDAQ SNPS traded up $14.99 during trading hours on Tuesday, hitting $551.51. The stock had a trading volume of 1,314,709 shares, compared to its average volume of 1,179,374. The company has a market capitalization of $85.57 billion, a P/E ratio of 39.82, a P/E/G ratio of 3.62 and a beta of 1.12. The firm's 50-day moving average price is $491.74 and its two-hundred day moving average price is $478.25. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its quarterly 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 business 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%. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.00 EPS. Analysts anticipate that Synopsys, Inc. will post 10.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 71,589 shares of the company's stock, valued at approximately $32,782,750.77. This represents a 13.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the sale, the chief financial officer directly owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,686 shares of company stock valued at $13,001,048. Company insiders own 0.62% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SNPS shares. KeyCorp set a $540.00 price target on shares of Synopsys in a report on Tuesday, June 3rd. Mizuho cut their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Piper Sandler restated an "overweight" rating and set a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a report on Thursday, May 29th. Bank of America cut their price objective on Synopsys from $630.00 to $560.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Rosenblatt Securities cut their price objective on Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $607.14.

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.