Congress Asset Management Co. Sells 2,008 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Congress Asset Management Co. lowered its position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,965 shares of the semiconductor company's stock after selling 2,008 shares during the quarter. Congress Asset Management Co. owned approximately 0.18% of Synopsys worth $118,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fiera Capital Corp boosted its stake in Synopsys by 33.8% in the fourth quarter. Fiera Capital Corp now owns 196,391 shares of the semiconductor company's stock worth $95,320,000 after buying an additional 49,653 shares in the last quarter. Bancreek Capital Management LP purchased a new stake in shares of Synopsys during the fourth quarter valued at approximately $3,827,000. Meridiem Investment Management Ltd. boosted its stake in shares of Synopsys by 13.1% during the fourth quarter. Meridiem Investment Management Ltd. now owns 557,174 shares of the semiconductor company's stock valued at $270,322,000 after purchasing an additional 64,322 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Synopsys by 7.6% during the fourth quarter. CIBC Asset Management Inc now owns 74,789 shares of the semiconductor company's stock valued at $36,300,000 after purchasing an additional 5,253 shares during the period. Finally, Davidson Capital Management Inc. boosted its stake in shares of Synopsys by 23.7% during the fourth quarter. Davidson Capital Management Inc. now owns 5,874 shares of the semiconductor company's stock valued at $2,851,000 after purchasing an additional 1,124 shares during the period. Hedge funds and other institutional investors own 85.47% of the company's stock.

Synopsys Stock Performance

Shares of Synopsys stock traded up $3.80 during midday trading on Friday, reaching $486.00. 943,175 shares of the company's stock traded hands, compared to its average volume of 1,144,591. The company has a market cap of $75.41 billion, a PE ratio of 33.47, a price-to-earnings-growth ratio of 3.23 and a beta of 1.11. The stock has a 50 day moving average of $456.95 and a 200-day moving average of $483.94. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 20.48% and a net margin of 36.12%. The firm's revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.00 earnings per share. On average, equities analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SNPS has been the subject of a number of analyst reports. Wells Fargo & Company dropped their price objective on Synopsys from $540.00 to $520.00 and set an "equal weight" rating for the company in a research note on Thursday, February 27th. Rosenblatt Securities dropped their price objective on Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. Morgan Stanley dropped their price objective on Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a research note on Monday, February 24th. Piper Sandler reissued 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. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Synopsys presently has a consensus rating of "Moderate Buy" and a consensus price target of $607.14.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the 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 completion of the transaction, the chief executive officer now owns 71,589 shares in the company, valued at approximately $32,782,750.77. This represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.62% of the stock is owned by corporate insiders.

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.