State of Alaska Department of Revenue Acquires 575 Shares of Synopsys, Inc. (NASDAQ:SNPS)

State of Alaska Department of Revenue boosted its position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,092 shares of the semiconductor company's stock after purchasing an additional 575 shares during the period. State of Alaska Department of Revenue's holdings in Synopsys were worth $7,758,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SNPS. Norges Bank purchased a new stake in shares of Synopsys in the fourth quarter worth approximately $583,608,000. GAMMA Investing LLC raised its position in Synopsys by 54,286.0% during the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock valued at $513,116,000 after acquiring an additional 1,194,292 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Synopsys by 21.5% during the fourth 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 purchased a new stake in Synopsys during the 4th quarter worth approximately $239,864,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Synopsys in the fourth quarter valued at approximately $199,065,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNPS has been the subject of several recent research reports. Needham & Company LLC reissued a "buy" rating and issued a $650.00 price target on shares of Synopsys in a research report on Thursday, May 29th. Piper Sandler reiterated an "overweight" rating and set a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Bank of America dropped their target price on shares of Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. KeyCorp set a $540.00 target price on Synopsys in a research note on Tuesday, June 3rd. Finally, Wells Fargo & Company reduced their target price on shares of Synopsys from $540.00 to $520.00 and set an "equal weight" rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $607.14.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was 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 now owns 71,589 shares in the company, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the sale, the chief financial officer now owns 15,291 shares in the company, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.

Synopsys Price Performance

NASDAQ SNPS traded down $1.78 on Thursday, hitting $473.62. 1,040,435 shares of the company's stock were exchanged, compared to its average volume of 1,157,563. The stock has a 50-day moving average of $470.10 and a 200-day moving average of $480.27. The stock has a market cap of $73.49 billion, a price-to-earnings ratio of 34.20, a P/E/G ratio of 3.14 and a beta of 1.11. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping 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 net margin of 34.77% and a return on equity of 17.09%. Synopsys's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $3.00 earnings per share. Analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Synopsys 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.