ICICI Prudential Asset Management Co Ltd Grows Position in Synopsys, Inc. (NASDAQ:SNPS)

ICICI Prudential Asset Management Co Ltd lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPSGet Rating) by 17.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 440 shares of the semiconductor company’s stock after purchasing an additional 64 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Synopsys were worth $146,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Curi Wealth Management LLC purchased a new position in shares of Synopsys during the 4th quarter worth $26,000. Confluence Wealth Services Inc. purchased a new position in shares of Synopsys during the 4th quarter worth $31,000. Industrial Alliance Investment Management Inc. purchased a new position in shares of Synopsys during the 4th quarter worth $36,000. Geneos Wealth Management Inc. grew its holdings in shares of Synopsys by 105.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 109 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 56 shares during the period. Finally, MCF Advisors LLC purchased a new position in shares of Synopsys during the 1st quarter worth $40,000. 84.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Synopsys

In other news, CRO Joseph W. Logan sold 53,706 shares of the firm’s stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $299.12, for a total transaction of $16,064,538.72. Following the sale, the executive now owns 99,907 shares of the company’s stock, valued at approximately $29,884,181.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider John F. Runkel, Jr. sold 3,463 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $330.00, for a total transaction of $1,142,790.00. Following the transaction, the insider now owns 22,623 shares in the company, valued at approximately $7,465,590. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Joseph W. Logan sold 53,706 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $299.12, for a total value of $16,064,538.72. Following the transaction, the executive now owns 99,907 shares in the company, valued at approximately $29,884,181.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,285 shares of company stock valued at $39,219,908. Corporate insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SNPS shares. StockNews.com cut Synopsys from a “strong-buy” rating to a “buy” rating in a report on Tuesday, May 3rd. Bank of America upgraded Synopsys from an “underperform” rating to a “neutral” rating and raised their target price for the company from $325.00 to $360.00 in a report on Wednesday, June 29th. UBS Group lowered their target price on Synopsys to $360.00 and set a “hold” rating for the company in a report on Thursday, May 19th. Wells Fargo & Company lowered their target price on Synopsys from $415.00 to $375.00 and set an “overweight” rating for the company in a report on Thursday, May 19th. Finally, Needham & Company LLC raised their target price on Synopsys from $370.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, May 19th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $381.70.

Synopsys Price Performance

SNPS stock opened at $374.29 on Friday. The firm has a market capitalization of $57.26 billion, a P/E ratio of 58.21, a P/E/G ratio of 3.02 and a beta of 1.22. The business’s 50-day moving average is $322.02 and its two-hundred day moving average is $309.19. Synopsys, Inc. has a 1 year low of $255.02 and a 1 year high of $377.60.

Synopsys (NASDAQ:SNPSGet Rating) last issued its earnings results on Wednesday, May 18th. The semiconductor company reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.09. Synopsys had a return on equity of 18.23% and a net margin of 21.19%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the company earned $1.24 EPS. On average, analysts expect that Synopsys, Inc. will post 6.29 EPS for the current year.

About Synopsys

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Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that provides 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.

Further Reading

Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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