Royal Bank of Canada Decreases Stake in Synopsys, Inc. $SNPS

Key Points

• Royal Bank of Canada reduced its position in Synopsys, Inc. by 14.5% in Q1, selling 89,600 shares and holding 527,909 shares as of its latest SEC filing.
• Several hedge funds are adjusting their stakes in Synopsys, with notable increases in holdings by Williams Jones Wealth Management and others during the latest quarters.
• Analysts have raised their price targets for Synopsys stock, with projections reaching up to $715.00, reflecting strong confidence in the company's growth potential.

Royal Bank of Canada reduced its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 14.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 527,909 shares of the semiconductor company's stock after selling 89,600 shares during the period. Royal Bank of Canada owned approximately 0.34% of Synopsys worth $226,393,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Synopsys by 54,286.0% during the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after buying an additional 1,194,292 shares during the last quarter. Nuveen LLC acquired a new stake in Synopsys during the first quarter worth approximately $341,480,000. Pictet Asset Management Holding SA increased its position in Synopsys by 38.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock worth $1,043,518,000 after buying an additional 673,837 shares during the period. Vanguard Group Inc. raised its stake in Synopsys by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 14,829,770 shares of the semiconductor company's stock worth $6,359,747,000 after purchasing an additional 346,994 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. bought a new stake in shares of Synopsys in the first quarter valued at approximately $124,728,000. Institutional investors own 85.47% of the company's stock.

Insider Buying and Selling at Synopsys

In related news, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the transaction, the executive directly owned 1,485 shares in the company, valued at $699,746.85. This trade represents a 85.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the sale, the chief executive officer owned 71,615 shares of the company's stock, valued at $42,181,951.15. This trade represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,686 shares of company stock valued at $14,490,903. Company insiders own 0.62% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Piper Sandler increased 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. Rosenblatt Securities raised their price target on shares of Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, July 25th. KeyCorp raised their target price on Synopsys from $610.00 to $660.00 and gave the stock an "overweight" rating in a research report on Wednesday. The Goldman Sachs Group started coverage on shares of Synopsys in a report on Thursday, July 10th. They set a "buy" rating and a $620.00 price target for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $660.00 price objective (up from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Synopsys presently has a consensus rating of "Moderate Buy" and a consensus target price of $638.21.

Synopsys Stock Up 1.7%

SNPS traded up $9.84 during midday trading on Thursday, hitting $601.96. The company had a trading volume of 1,012,740 shares, compared to its average volume of 994,262. The stock's 50 day moving average price is $590.08 and its 200 day moving average price is $505.03. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73. The company has a market capitalization of $93.40 billion, a price-to-earnings ratio of 43.46, a PEG ratio of 3.89 and a beta of 1.14. 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 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.