WealthPlan Investment Management LLC Purchases 1,271 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• WealthPlan Investment Management LLC increased its stake in Synopsys, Inc. by 42.7% during the first quarter, acquiring an additional 1,271 shares to hold a total of 4,249 shares, valued at approximately $1.82 million.
• Institutional investors collectively own 85.47% of Synopsys' stock, with notable increases from GAMMA Investing LLC, which raised its stake by 54,286%, and Price T Rowe Associates Inc., which increased theirs by 21.5%.
• Research analysts have a consensus rating of "Moderate Buy" for Synopsys stock, with an average price target of $622.33, following recent upgrades from firms such as Bank of America and Piper Sandler.

WealthPlan Investment Management LLC raised its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 42.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,249 shares of the semiconductor company's stock after purchasing an additional 1,271 shares during the quarter. WealthPlan Investment Management LLC's holdings in Synopsys were worth $1,822,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in Synopsys by 54,286.0% during the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock valued at $513,116,000 after buying an additional 1,194,292 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Synopsys by 21.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company's stock worth $2,864,933,000 after purchasing an additional 1,045,326 shares during the last quarter. Pictet Asset Management Holding SA boosted its stake in Synopsys by 38.3% in 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 purchasing an additional 673,837 shares in the last quarter. Capital Research Global Investors purchased a new stake in Synopsys during the 4th quarter valued at about $239,864,000. Finally, Ameriprise Financial Inc. increased its stake in Synopsys by 26.2% during the 4th quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company's stock valued at $916,441,000 after purchasing an additional 391,681 shares in the last quarter. Institutional investors own 85.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Synopsys in a report on Thursday, July 10th. They set a "buy" rating and a $620.00 price objective for the company. Bank of America increased 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. Piper Sandler boosted their target price on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Rosenblatt Securities lifted their price target on shares of Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Needham & Company LLC reissued a "buy" rating and set a $660.00 price objective (up previously from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $622.33.

Insiders Place Their Bets

In related news, CFO Shelagh Glaser sold 7,310 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total value of $3,550,613.20. Following the sale, the chief financial officer owned 15,291 shares of the company's stock, valued at $7,427,144.52. This trade represents a 32.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the firm's stock in a transaction that occurred 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 sale, the executive owned 1,485 shares in the company, valued at $699,746.85. The trade was a 85.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,686 shares of company stock valued at $13,001,048 over the last 90 days. 0.62% of the stock is owned by company insiders.

Synopsys Stock Performance

NASDAQ SNPS opened at $625.88 on Thursday. 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 $97.11 billion, a price-to-earnings ratio of 45.19, a price-to-earnings-growth ratio of 4.16 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. The business has a fifty day moving average of $537.99 and a 200-day moving average of $493.82.

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

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.

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