Synopsys, Inc. (NASDAQ:SNPS) Stock Position Lowered by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lessened its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 52.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 103,810 shares of the semiconductor company's stock after selling 112,887 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.07% of Synopsys worth $44,519,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Ameriflex Group Inc. acquired a new stake in Synopsys during the fourth quarter worth about $29,000. Whipplewood Advisors LLC acquired a new stake in Synopsys during the fourth quarter worth about $33,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Synopsys during the fourth quarter worth about $34,000. Sierra Ocean LLC acquired a new stake in Synopsys during the fourth quarter worth about $39,000. Finally, Hazlett Burt & Watson Inc. raised its stake in Synopsys by 28.6% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 85.47% of the company's stock.

Synopsys Price Performance

Shares of Synopsys stock traded down $16.13 on Friday, hitting $478.86. The company had a trading volume of 1,162,459 shares, compared to its average volume of 1,158,402. The business has a 50-day simple moving average of $466.31 and a 200-day simple moving average of $481.37. The company has a market cap of $74.30 billion, a PE ratio of 32.98, a PEG ratio of 3.23 and a beta of 1.11. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping analysts' consensus estimates of $3.40 by $0.27. The firm had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period last year, the firm posted $3.00 earnings per share. On average, equities research analysts predict that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SNPS shares. 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 note on Thursday, May 29th. Bank of America decreased 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. Rosenblatt Securities decreased their target price on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Wells Fargo & Company decreased 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 report on Thursday, February 27th. Finally, Needham & Company LLC restated a "buy" rating and issued a $650.00 target price on shares of Synopsys in a research report on Thursday, May 29th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $607.14.

Insider Buying and Selling

In related news, CFO Shelagh Glaser sold 7,310 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 15,291 shares in the company, 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 filing with the SEC, which is available at the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction that occurred on 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 owns 71,589 shares of the company's stock, valued at $32,782,750.77. The trade was a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders.

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.