Zions Bancorporation National Association UT Invests $3.85 Million in Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Zions Bancorporation National Association UT acquired a new stake in Synopsys, purchasing 8,971 shares valued at approximately $3.85 million.
• Synopsys reported earnings of $3.67 per share for the last quarter, exceeding analysts' expectations, with a 10.3% year-over-year revenue increase.
• Analysts have a consensus rating of "Moderate Buy" for Synopsys, with an average price target of $622.33, reflecting strong investor interest and potential growth.

Zions Bancorporation National Association UT bought a new stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,971 shares of the semiconductor company's stock, valued at approximately $3,847,000.

Other hedge funds have also recently made changes to their positions in the company. North Star Asset Management Inc. boosted its stake in shares of Synopsys by 3.6% during the 1st quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company's stock worth $25,847,000 after acquiring an additional 2,082 shares in the last quarter. SlateStone Wealth LLC boosted its stake in shares of Synopsys by 467.8% during the 1st quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company's stock worth $4,383,000 after acquiring an additional 8,420 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Synopsys during the 1st quarter worth about $1,000,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Synopsys by 3.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company's stock worth $8,651,000 after acquiring an additional 655 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Synopsys during the 1st quarter worth about $3,116,000. 85.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on SNPS. Piper Sandler increased their target price on shares of Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Mizuho decreased their price target on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC reaffirmed a "buy" rating and issued a $660.00 price target (up from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Bank of America raised their price target on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group began coverage on shares of Synopsys in a research note on Thursday, July 10th. They issued a "buy" rating and a $620.00 price target on the stock. 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 currently has a consensus rating of "Moderate Buy" and an average price target of $622.33.

Synopsys Trading Down 0.1%

Shares of SNPS stock traded down $0.91 during trading on Friday, hitting $619.42. 700,625 shares of the stock traded hands, compared to its average volume of 2,441,283. The firm has a market capitalization of $96.11 billion, a P/E ratio of 44.72, a price-to-earnings-growth ratio of 4.10 and a beta of 1.15. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The firm's fifty day moving average price is $544.48 and its 200-day moving average price is $494.35. Synopsys, Inc. has a 52-week low of $365.74 and a 52-week high of $651.73.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly 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. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The business's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.00 EPS. As a group, research analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In other Synopsys news, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction on 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 completion of the transaction, the chief financial officer owned 15,291 shares in the company, valued at $7,427,144.52. The trade was a 32.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the business'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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,686 shares of company stock worth $13,001,048. Insiders own 0.62% of the company's stock.

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.