Synovus Financial Corp Decreases Position in Synopsys, Inc. $SNPS

Key Points

• Synovus Financial Corp reduced its stake in Synopsys, Inc. by 39.2%, holding 10,727 shares worth approximately $4.60 million after selling 6,921 shares in the first quarter.
• Synopsys reported an earnings per share (EPS) of $3.67 for the last quarter, surpassing analysts' expectations, with a revenue of $1.60 billion, which reflects a year-over-year increase of 10.3%.
• The stock price of Synopsys has a consensus target price of $626.79, with major analysts rating it as a "Moderate Buy."

Synovus Financial Corp trimmed its position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 39.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,727 shares of the semiconductor company's stock after selling 6,921 shares during the period. Synovus Financial Corp's holdings in Synopsys were worth $4,600,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. ICONIQ Capital LLC raised its holdings in Synopsys by 38.6% in the first quarter. ICONIQ Capital LLC now owns 639 shares of the semiconductor company's stock worth $274,000 after purchasing an additional 178 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Synopsys by 8.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,333 shares of the semiconductor company's stock valued at $1,022,000 after buying an additional 185 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Synopsys by 0.5% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 29,564 shares of the semiconductor company's stock worth $12,679,000 after buying an additional 148 shares during the period. APG Asset Management US Inc. lifted its holdings in Synopsys by 28.9% during the first quarter. APG Asset Management US Inc. now owns 5,951 shares of the semiconductor company's stock worth $2,594,000 after acquiring an additional 1,335 shares in the last quarter. Finally, Kestra Advisory Services LLC grew its stake in Synopsys by 3.0% in the first quarter. Kestra Advisory Services LLC now owns 5,572 shares of the semiconductor company's stock valued at $2,390,000 after acquiring an additional 161 shares during the period. Institutional investors and hedge funds own 85.47% of the company's stock.

Synopsys Trading Up 1.5%

NASDAQ:SNPS traded up $9.00 during mid-day trading on Thursday, hitting $612.17. 902,234 shares of the company's stock were exchanged, compared to its average volume of 1,410,186. The firm has a market capitalization of $94.98 billion, a P/E ratio of 44.20, a PEG ratio of 3.92 and a beta of 1.15. The company has a 50 day simple moving average of $577.64 and a 200-day simple moving average of $502.39. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. 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 announced its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 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 for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the company earned $3.00 EPS. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, research analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Wall Street Analyst Weigh In

SNPS has been the topic of a number of research analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $715.00 price target (up previously from $540.00) on shares of Synopsys in a research report on Monday, August 11th. Piper Sandler boosted their price target on Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Wells Fargo & Company reaffirmed a "positive" rating on shares of Synopsys in a research report on Wednesday. KeyCorp lifted their target price on Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Needham & Company LLC restated a "buy" rating and issued a $660.00 target price (up previously from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $634.64.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction on Monday, June 2nd. The stock was 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 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 filing with the SEC, which can be accessed through this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction dated 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 sale, the executive owned 1,485 shares of the company's stock, valued at approximately $699,746.85. This represents a 85.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is owned by corporate insiders.

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.