Jackson Square Partners LLC Decreases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Jackson Square Partners LLC reduced its stake in Synopsys, Inc. by 54.7%, owning 5,966 shares after selling 7,210 shares in the first quarter.
• Analyst reports have been largely positive, with a majority issuing buy ratings and a price target averaging around $622.33.
• Synopsys reported earnings of $3.67 EPS, surpassing estimates and achieving a 10.3% increase in revenue year-over-year.

Jackson Square Partners LLC lessened its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 54.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 5,966 shares of the semiconductor company's stock after selling 7,210 shares during the period. Jackson Square Partners LLC's holdings in Synopsys were worth $2,559,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Cornerstone Planning Group LLC grew its position in shares of Synopsys by 275.0% during the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. Ameriflex Group Inc. bought a new position in shares of Synopsys in the 4th quarter valued at about $29,000. Cloud Capital Management LLC bought a new stake in Synopsys in the first quarter worth about $36,000. Meeder Asset Management Inc. lifted its stake in Synopsys by 33.3% in the first quarter. Meeder Asset Management Inc. now owns 104 shares of the semiconductor company's stock worth $45,000 after purchasing an additional 26 shares during the last quarter. Finally, GoalVest Advisory LLC bought a new stake in Synopsys in the first quarter worth about $50,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on SNPS. Bank of America raised their price objective on shares of Synopsys from $575.00 to $625.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group assumed coverage on shares of Synopsys in a research note on Thursday, July 10th. They set a "buy" rating and a $620.00 price target for the company. Mizuho decreased their price target on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Piper Sandler lifted their price target on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Finally, Stifel Nicolaus set a $550.00 price target on shares of Synopsys in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $630.67.

Synopsys Trading Down 0.1%

Shares of NASDAQ:SNPS traded down $0.72 during trading on Monday, reaching $618.70. The stock had a trading volume of 383,870 shares, compared to its average volume of 1,438,734. The business has a fifty day moving average price of $544.48 and a 200-day moving average price of $494.35. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The stock has a market cap of $96.00 billion, a P/E ratio of 44.69, a PEG ratio of 4.10 and a beta of 1.15. Synopsys, Inc. has a fifty-two week low of $365.74 and a fifty-two week high of $651.73.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the firm earned $3.00 earnings per share. Synopsys's revenue was up 10.3% compared to the same quarter last year. As a group, analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction on Monday, June 2nd. The shares were 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 directly owned 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the company'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 completion of the transaction, the executive owned 1,485 shares of the company's stock, valued at $699,746.85. This trade represents a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is owned by company 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.