Synopsys, Inc. (SNPS) Position Boosted by Meeder Asset Management Inc.
Meeder Asset Management Inc. boosted its position in Synopsys, Inc. (NASDAQ:SNPS) by 13.0% during the second quarter, Holdings Channel reports. The fund owned 68,426 shares of the semiconductor company’s stock after buying an additional 7,861 shares during the period. Meeder Asset Management Inc.’s holdings in Synopsys were worth $4,991,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. National Pension Service increased its stake in Synopsys by 46,912.5% in the first quarter. National Pension Service now owns 153,731 shares of the semiconductor company’s stock worth $11,101,000 after buying an additional 153,404 shares during the last quarter. Gulf International Bank UK Ltd increased its position in Synopsys by 0.4% in the first quarter. Gulf International Bank UK Ltd now owns 45,937 shares of the semiconductor company’s stock valued at $3,313,000 after buying an additional 200 shares in the last quarter. Exxonmobil Investment Management Inc. TX bought a new position in Synopsys during the first quarter valued at $2,411,000. Raymond James Trust N.A. bought a new position in Synopsys during the first quarter valued at $257,000. Finally, Contravisory Investment Management Inc. bought a new position in Synopsys during the first quarter valued at $6,220,000. 92.34% of the stock is currently owned by institutional investors and hedge funds.
Shares of Synopsys, Inc. (SNPS) traded down 0.36% during midday trading on Thursday, hitting $74.89. The company’s stock had a trading volume of 685,511 shares. The firm has a 50-day moving average of $74.23 and a 200 day moving average of $69.19. The firm has a market cap of $11.26 billion, a price-to-earnings ratio of 41.84 and a beta of 1.01. Synopsys, Inc. has a 12-month low of $53.53 and a 12-month high of $76.57.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.02. Synopsys had a return on equity of 11.16% and a net margin of 10.74%. The business had revenue of $680.07 million during the quarter, compared to analysts’ expectations of $672.40 million. During the same period in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 12.4% on a year-over-year basis. On average, equities research analysts predict that Synopsys, Inc. will post $3.28 EPS for the current fiscal year.
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Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. J P Morgan Chase & Co reissued an “average” rating on shares of Synopsys in a research report on Friday, May 26th. Needham & Company LLC reissued a “buy” rating and set a $77.00 target price (up previously from $76.00) on shares of Synopsys in a research report on Thursday, May 18th. Royal Bank Of Canada reissued an “outperform” rating and set a $85.00 target price (up previously from $77.00) on shares of Synopsys in a research report on Thursday, May 18th. Finally, BidaskClub downgraded Synopsys from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $75.78.
In other news, Chairman Geus Aart De sold 264,000 shares of Synopsys stock in a transaction on Friday, May 19th. The stock was sold at an average price of $71.01, for a total value of $18,746,640.00. Following the completion of the sale, the chairman now directly owns 220,133 shares of the company’s stock, valued at $15,631,644.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction on Friday, May 19th. The shares were sold at an average price of $70.96, for a total value of $266,100.00. Following the completion of the sale, the chief executive officer now directly owns 204,179 shares of the company’s stock, valued at $14,488,541.84. The disclosure for this sale can be found here. Insiders sold 304,246 shares of company stock valued at $21,608,505 over the last ninety days. Insiders own 1.82% of the company’s stock.
Synopsys Company Profile
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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