Crestone Asset Management LLC Sells 75 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Crestone Asset Management LLC lessened its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 13.2% during the 4th quarter, Holdings Channel reports. The fund owned 493 shares of the semiconductor company’s stock after selling 75 shares during the period. Crestone Asset Management LLC’s holdings in Synopsys were worth $254,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Gotham Asset Management LLC boosted its holdings in Synopsys by 35.9% in the 3rd quarter. Gotham Asset Management LLC now owns 8,428 shares of the semiconductor company’s stock worth $3,868,000 after buying an additional 2,227 shares during the last quarter. abrdn plc boosted its stake in Synopsys by 56.9% in the fourth quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock valued at $43,442,000 after acquiring an additional 30,581 shares in the last quarter. Simplicity Solutions LLC boosted its stake in Synopsys by 55.5% in the fourth quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock valued at $2,219,000 after acquiring an additional 1,539 shares in the last quarter. Comerica Bank acquired a new stake in shares of Synopsys during the third quarter worth about $14,203,000. Finally, DNB Asset Management AS boosted its stake in shares of Synopsys by 18.6% during the fourth quarter. DNB Asset Management AS now owns 52,711 shares of the semiconductor company’s stock worth $27,141,000 after buying an additional 8,259 shares during the period. Institutional investors own 85.47% of the company’s stock.

Analyst Upgrades and Downgrades

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

Synopsys Price Performance

SNPS stock traded up $0.88 during trading hours on Wednesday, reaching $550.49. The stock had a trading volume of 536,765 shares, compared to its average volume of 1,194,149. The stock has a 50-day simple moving average of $559.77 and a 200 day simple moving average of $539.03. The stock has a market capitalization of $83.95 billion, a PE ratio of 60.53, a price-to-earnings-growth ratio of 3.14 and a beta of 1.07. Synopsys, Inc. has a fifty-two week low of $365.46 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.43 by $0.13. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.65 billion. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the firm earned $1.75 EPS. On average, sell-side analysts forecast that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

Insider Activity at Synopsys

In related news, Director Marc N. Casper purchased 750 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average cost of $585.45 per share, with a total value of $439,087.50. Following the acquisition, the director now owns 1,736 shares of the company’s stock, valued at $1,016,341.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Marc N. Casper bought 750 shares of the company’s stock in a transaction on Monday, March 25th. The stock was acquired at an average cost of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the transaction, the director now directly owns 1,736 shares in the company, valued at approximately $1,016,341.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction that occurred 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 sale, the chief executive officer now owns 61,863 shares of the company’s stock, valued at $35,726,501.13. The disclosure for this sale can be found here. Insiders have sold 26,832 shares of company stock worth $15,464,992 in the last quarter. Company insiders own 0.66% 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.