Zurcher Kantonalbank Zurich Cantonalbank Grows Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Key Points

• Zurcher Kantonalbank increased its stake in Synopsys, Inc. by 31.2%, owning approximately $65.11 million worth of shares as of the last reporting period.
• Synopsys reported $3.67 EPS for the most recent quarter, exceeding analysts' expectations of $3.40, with revenue matching projections at $1.60 billion.
• Equities analysts have raised their price targets for Synopsys, with estimates ranging from $600.00 to $660.00, and a consensus rating of "Moderate Buy" among analysts.

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 31.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 151,821 shares of the semiconductor company's stock after buying an additional 36,147 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.10% of Synopsys worth $65,108,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SNPS. ARK Investment Management LLC grew its stake in Synopsys by 1.5% during the 1st quarter. ARK Investment Management LLC now owns 26,617 shares of the semiconductor company's stock worth $11,415,000 after purchasing an additional 404 shares in the last quarter. Valley Wealth Managers Inc. grew its stake in Synopsys by 16.4% during the 1st quarter. Valley Wealth Managers Inc. now owns 3,030 shares of the semiconductor company's stock worth $1,299,000 after purchasing an additional 428 shares in the last quarter. TD Asset Management Inc grew its stake in Synopsys by 13.8% during the 1st quarter. TD Asset Management Inc now owns 141,401 shares of the semiconductor company's stock worth $60,640,000 after purchasing an additional 17,116 shares in the last quarter. HB Wealth Management LLC grew its stake in Synopsys by 5.2% during the 1st quarter. HB Wealth Management LLC now owns 3,336 shares of the semiconductor company's stock worth $1,431,000 after purchasing an additional 164 shares in the last quarter. Finally, Applied Finance Capital Management LLC acquired a new position in Synopsys during the 1st quarter worth $797,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Insider Transactions at Synopsys

In related news, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction on 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 transaction, the chief financial officer owned 15,291 shares in the company, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction 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 transaction, 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 in the last ninety days. Corporate insiders own 0.62% of the company's stock.

Synopsys Stock Performance

Shares of NASDAQ:SNPS traded up $14.32 during midday trading on Wednesday, hitting $650.13. The stock had a trading volume of 881,319 shares, compared to its average volume of 1,454,497. The company has a market capitalization of $100.87 billion, a PE ratio of 47.01, a P/E/G ratio of 3.92 and a beta of 1.12. The stock has a 50 day moving average price of $521.77 and a two-hundred day moving average price of $488.50. 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 1 year low of $365.74 and a 1 year high of $650.15.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its 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. The business 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%. The business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.00 earnings per share. As a group, equities analysts predict that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on SNPS shares. Piper Sandler boosted their target price on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. KeyCorp upped their price objective on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. The Goldman Sachs Group started coverage on Synopsys in a research note on Thursday, July 10th. They set a "buy" rating and a $620.00 target price for the company. Stifel Nicolaus set a $550.00 target price on Synopsys in a research note on Monday, April 28th. Finally, Bank of America upped their target price on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Synopsys has a consensus rating of "Moderate Buy" and a consensus price target of $622.33.

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.