UNIVEST FINANCIAL Corp Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• UNIVEST FINANCIAL Corp increased its stock holdings in Synopsys, Inc. by 14.4% in the first quarter, raising its total to 6,532 shares valued at approximately $2.8 million.
• Multiple financial institutions have also raised their stakes in Synopsys, with notable increases from Brighton Jones LLC and Westpac Banking Corp, indicating strong institutional interest.
• Several brokerages have issued positive ratings and increased price targets for Synopsys, with a consensus rating of "Moderate Buy" and a price target of $622.33, highlighting bullish sentiment among analysts.

UNIVEST FINANCIAL Corp grew its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 14.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,532 shares of the semiconductor company's stock after purchasing an additional 820 shares during the period. UNIVEST FINANCIAL Corp's holdings in Synopsys were worth $2,801,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in shares of Synopsys in the fourth quarter valued at $29,000. Cornerstone Planning Group LLC raised its holdings in shares of Synopsys by 275.0% during the 1st 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. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Synopsys during the 4th quarter valued at $34,000. Cloud Capital Management LLC bought a new position in shares of Synopsys during the 1st quarter valued at $36,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of Synopsys by 50.8% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 98 shares of the semiconductor company's stock worth $48,000 after buying an additional 33 shares during the period. Hedge funds and other institutional investors own 85.47% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SNPS. Piper Sandler boosted their target price 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. Stifel Nicolaus set a $550.00 price objective on Synopsys in a research note on Monday, April 28th. Rosenblatt Securities lifted their target price on Synopsys from $625.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, July 25th. The Goldman Sachs Group started coverage on Synopsys in a research note on Thursday, July 10th. They issued a "buy" rating and a $620.00 price target on the stock. Finally, KeyCorp boosted their price target on shares of Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Synopsys has a consensus rating of "Moderate Buy" and a consensus price target of $622.33.

Synopsys Stock Down 1.5%

NASDAQ:SNPS traded down $9.23 during trading hours on Tuesday, reaching $626.79. The company had a trading volume of 677,476 shares, compared to its average volume of 1,451,377. 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 business's 50-day simple moving average is $532.39 and its two-hundred day simple moving average is $491.96. Synopsys, Inc. has a twelve month low of $365.74 and a twelve month high of $651.73. The firm has a market cap of $97.25 billion, a price-to-earnings ratio of 45.27, a P/E/G ratio of 4.09 and a beta of 1.15.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share 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 analysts' expectations of $1.60 billion. During the same period in the previous year, the business earned $3.00 earnings per share. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Insider Buying and Selling at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of the firm's stock in a transaction 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 completion of the transaction, the executive owned 1,485 shares of the company's stock, valued at approximately $699,746.85. This trade represents a 85.85% 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, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the transaction, the chief financial officer directly owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,686 shares of company stock valued at $13,001,048. 0.62% of the stock is currently owned by company insiders.

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.