Westover Capital Advisors LLC Sells 444 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Westover Capital Advisors LLC reduced its stake in Synopsys, Inc. by 13.9%, selling 444 shares and holding a total of 2,746 shares valued at $1,178,000 after the sale.
• Significant insider selling occurred, with CRO Richard S. Mahoney and CEO Sassine Ghazi each selling over 9,000 shares, marking a notable decrease in their ownership stakes.
• Despite a recent 0.8% decrease in stock price, Synopsys reported quarterly earnings of $3.67 per share, surpassing expectations and reflecting a 10.3% increase in revenue compared to the previous year.

Westover Capital Advisors LLC decreased its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 13.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,746 shares of the semiconductor company's stock after selling 444 shares during the period. Westover Capital Advisors LLC's holdings in Synopsys were worth $1,178,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Advisors Capital Management LLC raised its stake in shares of Synopsys by 2.3% during the fourth quarter. Advisors Capital Management LLC now owns 840 shares of the semiconductor company's stock valued at $408,000 after acquiring an additional 19 shares in the last quarter. Hazlett Burt & Watson Inc. grew its holdings in Synopsys by 28.6% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 20 shares during the period. Peninsula Wealth LLC grew its position in shares of Synopsys by 0.5% in the fourth quarter. Peninsula Wealth LLC now owns 4,224 shares of the semiconductor company's stock valued at $2,050,000 after purchasing an additional 20 shares during the period. Williams Jones Wealth Management LLC. boosted its holdings in Synopsys by 0.5% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 4,650 shares of the semiconductor company's stock worth $2,257,000 after buying an additional 22 shares during the last quarter. Finally, Hardy Reed LLC raised its stake in Synopsys by 0.7% in the 1st quarter. Hardy Reed LLC now owns 3,290 shares of the semiconductor company's stock valued at $1,411,000 after purchasing an additional 22 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

Insider Buying and Selling

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive owned 1,485 shares in the company, valued at $699,746.85. This represents a 85.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $5,204,832.38. Following the completion of the transaction, the chief executive officer owned 71,589 shares of the company's stock, valued at $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,686 shares of company stock valued at $13,001,048. 0.62% of the stock is currently owned by corporate insiders.

Synopsys Stock Down 0.8%

SNPS opened at $609.68 on Friday. The stock has a market capitalization of $94.60 billion, a P/E ratio of 44.02, a P/E/G ratio of 4.07 and a beta of 1.12. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $618.49. The business has a 50 day simple moving average of $516.09 and a 200-day simple moving average of $486.19. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85.

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 (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.27. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. During the same quarter in the prior year, the firm earned $3.00 earnings per share. The company's revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

SNPS has been the subject of a number of recent research reports. Piper Sandler raised their target price on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research note on Monday. Bank of America lifted their target price on Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. KeyCorp increased their price objective on Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Rosenblatt Securities lowered their price target on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $620.67.

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.

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