Synopsys (NASDAQ:SNPS) Shares Gap Up - Here's What Happened

Synopsys, Inc. (NASDAQ:SNPS - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $523.11, but opened at $544.70. Synopsys shares last traded at $543.48, with a volume of 730,097 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Rosenblatt Securities decreased their price objective on shares of Synopsys from $660.00 to $625.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. Stifel Nicolaus set a $550.00 price target on shares of Synopsys in a research note on Monday, April 28th. KeyCorp set a $540.00 price target on shares of Synopsys in a research note on Tuesday, June 3rd. 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. Finally, Needham & Company LLC reissued a "buy" rating and issued a $650.00 price target on shares of Synopsys in a research note on Thursday, May 29th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, Synopsys currently has an average rating of "Moderate Buy" and an average target price of $607.14.

Synopsys Stock Up 4.5%

The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The company has a market cap of $84.83 billion, a price-to-earnings ratio of 39.48, a PEG ratio of 3.62 and a beta of 1.12. The firm's fifty day simple moving average is $489.89 and its 200 day simple moving average is $477.94.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.27. The business had revenue of $1.60 billion during 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 company's 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 EPS. Sell-side analysts predict that Synopsys, Inc. will post 10.64 earnings per share for the current year.

Insider Activity

In other news, CFO Shelagh Glaser sold 7,310 shares of the stock in a transaction dated 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. This trade represents a 32.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Richard S. Mahoney sold 9,010 shares of the firm'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 transaction of $4,245,602.10. Following the completion of the sale, the executive directly owned 1,485 shares in the company, valued at $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,686 shares of company stock worth $13,001,048 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Institutional Trading of Synopsys

A number of hedge funds have recently made changes to their positions in SNPS. Cornerstone Planning Group LLC increased its stake in Synopsys by 275.0% during the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. Saudi Central Bank acquired a new stake in Synopsys in the 1st quarter valued at about $26,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in Synopsys by 441.7% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock worth $28,000 after buying an additional 53 shares during the period. Ameriflex Group Inc. acquired a new stake in Synopsys during the 4th quarter worth about $29,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Synopsys in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 85.47% 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.