Synopsys, Inc. (NASDAQ:SNPS) Holdings Lifted by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in Synopsys, Inc. by 35.9%, acquiring an additional 46,661 shares during the 1st quarter, bringing its total to 176,628 shares valued at $75.35 million.
• Analysts have set a consensus target price of $622.33 for Synopsys, with several firms providing "buy" ratings and target prices ranging from $550.00 to $660.00.
• Company insiders sold a total of 27,686 shares worth approximately $13 million over the past three months, indicating reduced ownership by executives.

LPL Financial LLC lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 35.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,628 shares of the semiconductor company's stock after purchasing an additional 46,661 shares during the period. LPL Financial LLC owned about 0.11% of Synopsys worth $75,350,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Cornerstone Planning Group LLC grew its stake in shares of Synopsys by 275.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after buying an additional 44 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Synopsys during the 4th quarter valued at $29,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Synopsys during the 4th quarter valued at $34,000. Cloud Capital Management LLC purchased a new stake in shares of Synopsys during the 1st quarter valued at $36,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Synopsys by 50.8% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 98 shares of the semiconductor company's stock valued at $48,000 after buying an additional 33 shares during the period. Institutional investors and hedge funds own 85.47% of the company's stock.

Insider Activity at Synopsys

In related news, CRO Richard S. Mahoney sold 9,010 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the sale, the executive owned 1,485 shares of the company's stock, valued at $699,746.85. This represents a 85.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction dated 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 27,686 shares of company stock valued at $13,001,048 in the last quarter. Insiders own 0.62% of the company's stock.

Synopsys Stock Down 2.3%

Shares of SNPS traded down $14.82 during midday trading on Friday, hitting $618.65. The company had a trading volume of 1,300,432 shares, compared to its average volume of 2,445,245. The company's 50 day moving average price is $529.64 and its 200 day moving average price is $491.47. The stock has a market cap of $95.99 billion, a price-to-earnings ratio of 44.67, a PEG ratio of 4.19 and a beta of 1.15. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01.

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, topping the consensus estimate of $3.40 by $0.27. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The company's revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.00 EPS. On average, equities research analysts predict that Synopsys, Inc. will post 10.64 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on SNPS shares. Bank of America boosted their price objective on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Needham & Company LLC restated a "buy" rating and set a $660.00 target price (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. The Goldman Sachs Group began coverage on shares of Synopsys in a report on Thursday, July 10th. They set a "buy" rating and a $620.00 target price on the stock. Rosenblatt Securities lifted their target price on shares of Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, Piper Sandler lifted their target price on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a report on Monday, July 21st. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.