Oak Grove Capital LLC Decreases Holdings in Synopsys, Inc. $SNPS

Key Points

• Oak Grove Capital LLC reduced its stake in Synopsys, Inc. by 25.0%, holding 4,250 shares worth approximately $1.82 million after selling 1,417 shares.
• Synopsys reported earnings of $3.67 EPS for the last quarter, surpassing analysts' expectations, with quarterly revenue up 10.3% year-over-year.
• Multiple analysts have recently upgraded their price targets for Synopsys, with Piper Sandler raising its target from $615 to $660 and Morgan Stanley increasing its target to $715.

Oak Grove Capital LLC reduced its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 25.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,250 shares of the semiconductor company's stock after selling 1,417 shares during the period. Oak Grove Capital LLC's holdings in Synopsys were worth $1,823,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Williams Jones Wealth Management LLC. raised its stake in shares of Synopsys by 0.5% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 4,650 shares of the semiconductor company's stock valued at $2,257,000 after purchasing an additional 22 shares in the last quarter. Hardy Reed LLC grew its holdings in shares of Synopsys by 0.7% in the 1st quarter. Hardy Reed LLC now owns 3,290 shares of the semiconductor company's stock worth $1,411,000 after purchasing an additional 22 shares during the last quarter. Resurgent Financial Advisors LLC lifted its position in Synopsys by 2.7% during the 1st quarter. Resurgent Financial Advisors LLC now owns 832 shares of the semiconductor company's stock worth $357,000 after buying an additional 22 shares in the last quarter. Trust Asset Management LLC lifted its position in Synopsys by 1.3% during the 1st quarter. Trust Asset Management LLC now owns 1,766 shares of the semiconductor company's stock worth $757,000 after buying an additional 22 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in Synopsys by 10.8% during the 1st quarter. Harbour Investments Inc. now owns 235 shares of the semiconductor company's stock worth $101,000 after buying an additional 23 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on SNPS. Rosenblatt Securities upped their target price on shares of Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Bank of America raised their target price on shares of Synopsys from $575.00 to $625.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Needham & Company LLC reiterated a "buy" rating and issued a $660.00 price objective (up from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. Stifel Nicolaus set a $550.00 price objective on shares of Synopsys in a report on Monday, April 28th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $715.00 target price (up from $540.00) on shares of Synopsys in a research note on Monday, August 11th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $630.67.

Insider Activity at Synopsys

In other news, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the transaction, the executive directly owned 1,485 shares of the company's stock, valued at $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 that occurred 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 transaction, the chief executive officer directly owned 71,589 shares in the company, 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. Insiders have sold 27,686 shares of company stock worth $13,001,048 over the last ninety days. Insiders own 0.62% of the company's stock.

Synopsys Price Performance

SNPS stock traded up $1.55 during midday trading on Friday, reaching $617.91. The company had a trading volume of 881,572 shares, compared to its average volume of 1,514,814. 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 company has a market capitalization of $95.87 billion, a price-to-earnings ratio of 44.61, a price-to-earnings-growth ratio of 4.09 and a beta of 1.15. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73. The stock has a 50 day moving average price of $558.90 and a 200-day moving average price of $497.65.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings data 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 return on equity of 17.09% and a net margin of 34.77%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the firm posted $3.00 earnings per share. The firm's revenue was up 10.3% compared to the same quarter last year. Equities research analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current year.

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.