Synopsys, Inc. (NASDAQ:SNPS) Short Interest Down 19.8% in August

Key Points

• As of August 31st, Synopsys, Inc. experienced a 19.8% decline in short interest, with a total of 3,240,000 shares sold short, representing approximately 2.1% of the company's shares.
• Wall Street analysts have lowered their price targets for Synopsys, with recent reports indicating targets ranging from $510.00 to $630.00, amidst mixed ratings, including eleven "Buy" ratings and three "Sell" ratings.
• Insider trades show activity from Director Robert G. Painter, who purchased 350 shares at $425.44 each, increasing his ownership by 18.03%, while CEO Sassine Ghazi sold 11,366 shares at an average of $589.01, reducing his stake by 13.70%.

Synopsys, Inc. (NASDAQ:SNPS - Get Free Report) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 3,240,000 shares, a decline of 19.8% from the August 15th total of 4,040,000 shares. Based on an average daily trading volume, of 1,890,000 shares, the short-interest ratio is presently 1.7 days. Currently, 2.1% of the shares of the company are sold short. Currently, 2.1% of the shares of the company are sold short. Based on an average daily trading volume, of 1,890,000 shares, the short-interest ratio is presently 1.7 days.

Synopsys Price Performance

Shares of SNPS stock traded up $15.39 during midday trading on Friday, reaching $495.50. 6,094,205 shares of the company were exchanged, compared to its average volume of 3,815,305. The company's 50 day moving average price is $580.02 and its two-hundred day moving average price is $506.78. The company has a market cap of $92.04 billion, a P/E ratio of 38.89, a PEG ratio of 5.60 and a beta of 1.14. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 1.62. Synopsys has a 12 month low of $365.74 and a 12 month high of $651.73.

Analyst Ratings Changes

A number of research analysts have weighed in on SNPS shares. Needham & Company LLC cut their price objective on shares of Synopsys from $660.00 to $550.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. Rosenblatt Securities reiterated a "neutral" rating and set a $605.00 target price (down from $650.00) on shares of Synopsys in a report on Wednesday, September 10th. Stifel Nicolaus dropped their price objective on shares of Synopsys from $650.00 to $550.00 and set a "buy" rating on the stock in a research report on Wednesday, September 10th. Zacks Research cut shares of Synopsys from a "hold" rating to a "strong sell" rating in a research note on Friday, September 12th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Synopsys from $685.00 to $600.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Eleven analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Synopsys has an average rating of "Hold" and a consensus target price of $585.33.

Insider Transactions at Synopsys

In related news, Director Robert G. Painter acquired 350 shares of the stock in a transaction dated Thursday, September 11th. The stock was acquired at an average cost of $425.44 per share, for a total transaction of $148,904.00. Following the completion of the purchase, the director owned 2,291 shares of the company's stock, valued at approximately $974,683.04. This represents a 18.03% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the sale, the chief executive officer owned 71,615 shares of the company's stock, valued at $42,181,951.15. The trade was a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.62% of the company's stock.

Hedge Funds Weigh In On Synopsys

A number of institutional investors have recently modified their holdings of SNPS. HBW Advisory Services LLC increased its holdings in Synopsys by 494.9% in the 2nd quarter. HBW Advisory Services LLC now owns 3,611 shares of the semiconductor company's stock valued at $1,851,000 after buying an additional 3,004 shares during the period. Westbourne Investments Inc. acquired a new position in Synopsys during the 2nd quarter worth approximately $1,505,000. North Star Asset Management Inc. boosted its holdings in shares of Synopsys by 3.6% in the 1st quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company's stock valued at $25,847,000 after buying an additional 2,082 shares during the last quarter. SlateStone Wealth LLC lifted its holdings in Synopsys by 467.8% during the 1st quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company's stock valued at $4,383,000 after purchasing an additional 8,420 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC bought a new position in Synopsys during the 1st quarter worth $1,000,000. Institutional investors own 85.47% of the company's stock.

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.