Stock Yards Bank & Trust Co. Buys 763 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Stock Yards Bank & Trust Co. lifted its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 52.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,226 shares of the semiconductor company's stock after acquiring an additional 763 shares during the period. Stock Yards Bank & Trust Co.'s holdings in Synopsys were worth $955,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new position in Synopsys in the 4th quarter worth $583,608,000. GAMMA Investing LLC raised its position in 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 during the period. Price T Rowe Associates Inc. MD raised its position in 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 during the period. Capital Research Global Investors purchased a new position in Synopsys in the 4th quarter worth $239,864,000. Finally, Raymond James Financial Inc. purchased a new position in Synopsys in the 4th quarter worth $199,065,000. 85.47% of the stock is owned by institutional investors.

Insider Activity at Synopsys

In related news, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $7,427,144.52. The trade was a 32.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the sale, the chief executive officer now directly owns 71,589 shares in the company, valued at $32,782,750.77. The trade was a 13.70% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by corporate insiders.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $478.86 on Friday. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $624.80. The company's 50-day moving average is $466.31 and its 200 day moving average is $481.37. The stock has a market capitalization of $74.30 billion, a P/E ratio of 32.98, a P/E/G ratio of 3.23 and a beta of 1.11.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. KeyCorp set a $540.00 target price on shares of Synopsys in a research report on Tuesday, June 3rd. Stifel Nicolaus set a $550.00 target price on shares of Synopsys in a research report on Monday, April 28th. Mizuho lowered their price objective on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 price objective on shares of Synopsys in a research note on Thursday, May 29th. Finally, Rosenblatt Securities lowered their price objective on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price 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.

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