Peregrine Capital Management LLC Trims Position in Synopsys, Inc. (NASDAQ:SNPS)

Peregrine Capital Management LLC cut its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 48,108 shares of the semiconductor company's stock after selling 1,865 shares during the quarter. Synopsys makes up about 0.7% of Peregrine Capital Management LLC's holdings, making the stock its 28th biggest position. Peregrine Capital Management LLC's holdings in Synopsys were worth $24,771,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Synopsys during the 4th quarter worth approximately $891,507,000. Alliancebernstein L.P. lifted its position in shares of Synopsys by 351.8% in the 4th quarter. Alliancebernstein L.P. now owns 1,773,216 shares of the semiconductor company's stock worth $566,170,000 after purchasing an additional 1,380,699 shares during the period. Moneta Group Investment Advisors LLC lifted its position in shares of Synopsys by 113,493.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 1,319,960 shares of the semiconductor company's stock worth $421,450,000 after purchasing an additional 1,318,798 shares during the period. Goldman Sachs Group Inc. lifted its position in Synopsys by 90.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 733,196 shares of the semiconductor company's stock valued at $244,353,000 after acquiring an additional 347,807 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Synopsys by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company's stock valued at $925,744,000 after acquiring an additional 344,430 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider John F. Runkel, Jr. sold 1,219 shares of the firm's stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $583.95, for a total value of $711,835.05. Following the completion of the transaction, the insider now owns 26,780 shares of the company's stock, valued at approximately $15,638,181. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 5,319 shares of the firm's stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Runkel, Jr. sold 1,219 shares of Synopsys stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $583.95, for a total transaction of $711,835.05. Following the sale, the insider now owns 26,780 shares in the company, valued at $15,638,181. The disclosure for this sale can be found here. Insiders sold 26,832 shares of company stock worth $15,464,992 over the last three months. Corporate insiders own 0.66% of the company's stock.

Analysts Set New Price Targets

SNPS has been the subject of several recent analyst reports. StockNews.com raised shares of Synopsys from a "hold" rating to a "buy" rating in a report on Monday, March 18th. Needham & Company LLC reaffirmed a "buy" rating and set a $660.00 price target on shares of Synopsys in a research note on Friday, March 22nd. Wells Fargo & Company upped their price target on shares of Synopsys from $620.00 to $630.00 and gave the company an "overweight" rating in a research note on Wednesday, December 13th. Robert W. Baird boosted their price objective on shares of Synopsys from $624.00 to $640.00 and gave the company an "outperform" rating in a research report on Thursday, February 22nd. Finally, Rosenblatt Securities restated a "buy" rating and issued a $615.00 price target on shares of Synopsys in a report on Thursday, March 21st. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Synopsys has an average rating of "Buy" and a consensus target price of $601.00.

Synopsys Stock Down 1.3 %

SNPS stock traded down $7.37 on Tuesday, reaching $568.99. 1,018,168 shares of the company's stock were exchanged, compared to its average volume of 1,273,214. The stock has a fifty day moving average of $568.22 and a 200-day moving average of $529.13. Synopsys, Inc. has a twelve month low of $360.36 and a twelve month high of $629.38. The firm has a market cap of $86.77 billion, a PE ratio of 62.66, a P/E/G ratio of 3.27 and a beta of 1.06.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, topping analysts' consensus estimates of $3.43 by $0.13. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.65 billion. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The company's quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the business posted $1.75 EPS. On average, equities research analysts predict that Synopsys, Inc. will post 10.06 EPS for the current fiscal year.

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.