Synopsys, Inc. (NASDAQ:SNPS) Position Reduced by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. has reduced its stake in Synopsys, Inc. by 3.0%, owning 16,107 shares valued at approximately $6.9 million following the sale of 494 shares.
• Synopsys recently reported strong quarterly earnings, with $3.67 EPS surpassing estimates and a revenue increase of 10.3% compared to the previous year.
• Major brokerages have increased their price targets for Synopsys, with analysts setting an average target of $622.33, indicating a consensus rating of "Moderate Buy".

Nikko Asset Management Americas Inc. lessened its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,107 shares of the semiconductor company's stock after selling 494 shares during the period. Nikko Asset Management Americas Inc.'s holdings in Synopsys were worth $6,904,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SNPS. Dynamic Advisor Solutions LLC purchased a new position in shares of Synopsys during the first quarter valued at approximately $1,000,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Synopsys by 3.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company's stock valued at $8,651,000 after buying an additional 655 shares during the period. Integrated Advisors Network LLC lifted its stake in shares of Synopsys by 8.0% during the first quarter. Integrated Advisors Network LLC now owns 529 shares of the semiconductor company's stock valued at $227,000 after buying an additional 39 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Synopsys by 8.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,748 shares of the semiconductor company's stock valued at $2,894,000 after buying an additional 550 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Synopsys during the fourth quarter valued at approximately $1,678,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNPS. Stifel Nicolaus set a $550.00 price objective on shares of Synopsys in a research note on Monday, April 28th. Mizuho dropped their price target on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Rosenblatt Securities upped their price target on shares of Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Piper Sandler upped their price target on shares of Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Finally, KeyCorp upped their price target on shares of Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Synopsys presently has an average rating of "Moderate Buy" and a consensus target price of $622.33.

Insider Transactions at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the completion of the sale, the chief executive officer directly owned 71,589 shares of the company's stock, valued at approximately $32,782,750.77. This trade represents a 13.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the firm's stock in a transaction on 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 sale, the executive directly owned 1,485 shares of the company's stock, valued at approximately $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock valued at $13,001,048 over the last 90 days. Corporate insiders own 0.62% of the company's stock.

Synopsys Trading Up 2.3%

Shares of Synopsys stock traded up $14.32 during trading hours on Wednesday, hitting $650.13. The company's stock had a trading volume of 881,319 shares, compared to its average volume of 1,454,497. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $650.15. The business has a fifty day moving average of $521.77 and a 200 day moving average of $488.50. The company has a market capitalization of $100.87 billion, a PE ratio of 47.01, a P/E/G ratio of 3.92 and a beta of 1.12. 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 quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the business earned $3.00 earnings per share. The business's quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities analysts forecast that Synopsys, Inc. will post 10.64 EPS for the current year.

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.