SlateStone Wealth LLC Buys 8,420 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• SlateStone Wealth LLC increased its holdings in Synopsys by 467.8% in the first quarter, acquiring an additional 8,420 shares to own a total of 10,220 shares valued at approximately $4.38 million.
• Institutional investors now own approximately 85.47% of Synopsys, with multiple firms such as Brighton Jones LLC and Wellington Management Group LLP increasing their stakes in the company during the fourth quarter.
• Analysts have varied target prices for Synopsys, with estimates ranging from $550.00 to $660.00, and the consensus rating for the stock is currently a "Moderate Buy".

SlateStone Wealth LLC lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 467.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,220 shares of the semiconductor company's stock after buying an additional 8,420 shares during the period. SlateStone Wealth LLC's holdings in Synopsys were worth $4,383,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Tredje AP fonden boosted its holdings in shares of Synopsys by 12.4% during the 1st quarter. Tredje AP fonden now owns 182,110 shares of the semiconductor company's stock valued at $78,098,000 after acquiring an additional 20,148 shares in the last quarter. Vestcor Inc boosted its stake in shares of Synopsys by 8.5% during the first quarter. Vestcor Inc now owns 4,358 shares of the semiconductor company's stock valued at $1,869,000 after purchasing an additional 341 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Synopsys by 1,807.2% during the first quarter. XTX Topco Ltd now owns 8,964 shares of the semiconductor company's stock worth $3,844,000 after purchasing an additional 8,494 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Synopsys in the first quarter valued at approximately $3,116,000. Finally, GSA Capital Partners LLP raised its holdings in Synopsys by 61.2% in the 1st quarter. GSA Capital Partners LLP now owns 1,702 shares of the semiconductor company's stock valued at $730,000 after buying an additional 646 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Piper Sandler lifted 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. Mizuho cut their target price on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. KeyCorp increased their price target on Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Bank of America lifted their price objective on Synopsys from $575.00 to $625.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Finally, Rosenblatt Securities increased their target price on shares of Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Synopsys has a consensus rating of "Moderate Buy" and a consensus target price of $622.33.

Insiders Place Their Bets

In other Synopsys news, CFO Shelagh Glaser sold 7,310 shares of the firm's 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 completion of the sale, the chief financial officer owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Richard S. Mahoney sold 9,010 shares of the company'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 transaction, 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,686 shares of company stock worth $13,001,048. Corporate insiders own 0.62% of the company's stock.

Synopsys Stock Down 2.3%

NASDAQ SNPS traded down $14.82 on Friday, hitting $618.65. 1,300,432 shares of the company were exchanged, compared to its average volume of 2,445,245. 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 company has a market cap of $95.99 billion, a PE ratio of 44.67, a PEG ratio of 4.19 and a beta of 1.12. The stock has a fifty day moving average of $529.64 and a 200-day moving average of $491.47. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $651.73.

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

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.