OVERSEA CHINESE BANKING Corp Ltd Sells 722 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its holdings in Synopsys, Inc. by 3.6%, selling 722 shares, resulting in a total of 19,321 shares worth approximately $8.29 million.
• Several institutional investors, including US Bancorp DE, increased their positions in Synopsys, with US Bancorp's holdings boosting by 54.5% to a significant 110,630 shares.
• Synopsys reported a 10.3% revenue increase year-over-year for its latest quarter, with earnings per share at $3.67, surpassing analyst expectations of $3.40.

OVERSEA CHINESE BANKING Corp Ltd lessened its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,321 shares of the semiconductor company's stock after selling 722 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Synopsys were worth $8,286,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in shares of Synopsys by 54,286.0% during 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 stake in shares of Synopsys by 21.5% during 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. Pictet Asset Management Holding SA raised its stake in shares of Synopsys by 38.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock worth $1,043,518,000 after purchasing an additional 673,837 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of Synopsys during the 4th quarter worth approximately $239,864,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Synopsys by 26.2% during the 4th quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company's stock worth $916,441,000 after purchasing an additional 391,681 shares in the last quarter. Institutional investors own 85.47% of the company's stock.

Synopsys Stock Performance

NASDAQ SNPS traded up $17.37 on Monday, reaching $636.02. The stock had a trading volume of 1,121,251 shares, compared to its average volume of 2,510,272. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The firm has a fifty day moving average of $529.64 and a two-hundred day moving average of $491.19. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73. The company has a market cap of $98.68 billion, a P/E ratio of 45.92, a price-to-earnings-growth ratio of 4.09 and a beta of 1.15.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating analysts' consensus estimates of $3.40 by $0.27. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The company's revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $3.00 EPS. On average, equities research analysts anticipate that Synopsys, Inc. will post 10.64 EPS for the current year.

Insider Activity

In related news, 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 completion of the sale, the chief financial officer directly owned 15,291 shares in the company, valued at $7,427,144.52. This represents a 32.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction 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 sale, the chief executive officer owned 71,589 shares of the company's stock, valued at approximately $32,782,750.77. This represents a 13.70% 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 worth $13,001,048. 0.62% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Mizuho dropped their price objective on Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Piper Sandler upped their price objective on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Stifel Nicolaus set a $550.00 price objective on Synopsys in a research note on Monday, April 28th. KeyCorp boosted their target price on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Rosenblatt Securities boosted their target price on Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $622.33.

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.