SouthState Corp Lowers Holdings in Synopsys, Inc. (NASDAQ:SNPS)

SouthState Corp cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 58.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82 shares of the semiconductor company’s stock after selling 117 shares during the quarter. SouthState Corp’s holdings in Synopsys were worth $42,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SNPS. FMR LLC lifted its position in Synopsys by 8.9% during the third quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company’s stock valued at $1,850,594,000 after acquiring an additional 330,206 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Synopsys by 20.3% during the third 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 in the last quarter. Northern Trust Corp raised its position in shares of Synopsys by 4.9% in the 3rd quarter. Northern Trust Corp now owns 1,687,602 shares of the semiconductor company’s stock valued at $774,559,000 after purchasing an additional 78,848 shares during the last quarter. Van ECK Associates Corp boosted its stake in Synopsys by 25.8% in the 4th quarter. Van ECK Associates Corp now owns 929,376 shares of the semiconductor company’s stock worth $478,545,000 after purchasing an additional 190,330 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Synopsys by 4.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 885,083 shares of the semiconductor company’s stock worth $406,227,000 after purchasing an additional 36,470 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $577.51, for a total value of $5,944,887.94. Following the sale, the chief executive officer now owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the completion of the transaction, the chief executive officer now owns 61,863 shares in the company, valued at $35,726,501.13. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Roy Vallee sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total value of $5,726,600.00. Following the completion of the sale, the director now owns 20,000 shares in the company, valued at $11,453,200. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,832 shares of company stock worth $15,464,992. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SNPS shares. Piper Sandler initiated coverage on Synopsys in a report on Thursday, April 4th. They issued an “overweight” rating and a $665.00 price objective on the stock. Robert W. Baird lifted their price objective on shares of Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a research note on Friday, March 22nd. Rosenblatt Securities restated a “buy” rating and set a $615.00 target price on shares of Synopsys in a research report on Thursday, March 21st. Finally, StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys currently has a consensus rating of “Buy” and a consensus target price of $601.00.

Synopsys Price Performance

Shares of SNPS stock traded up $13.56 during trading on Friday, hitting $536.94. 855,779 shares of the stock traded hands, compared to its average volume of 964,656. The firm has a market capitalization of $81.88 billion, a P/E ratio of 59.13, a price-to-earnings-growth ratio of 3.06 and a beta of 1.07. Synopsys, Inc. has a 52-week low of $365.46 and a 52-week high of $629.38. The firm’s fifty day moving average price is $561.64 and its 200-day moving average price is $537.01.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.13. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the company posted $1.75 earnings per share. Synopsys’s revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, equities research analysts expect that Synopsys, Inc. will post 9.78 earnings per share for the current year.

Synopsys 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.