Algert Global LLC Increases Position in Synopsys, Inc. (NASDAQ:SNPS)
Algert Global LLC raised its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 33,587 shares of the semiconductor company’s stock after buying an additional 428 shares during the period. Synopsys comprises about 0.7% of Algert Global LLC’s investment portfolio, making the stock its 19th largest position. Algert Global LLC’s holdings in Synopsys were worth $2,449,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Synopsys by 3,273.6% in the first quarter. BlackRock Inc. now owns 12,796,224 shares of the semiconductor company’s stock valued at $922,991,000 after buying an additional 12,416,921 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Synopsys by 21.6% in the first quarter. Vanguard Group Inc. now owns 15,031,207 shares of the semiconductor company’s stock valued at $1,084,201,000 after buying an additional 2,672,954 shares during the last quarter. Swedbank acquired a new stake in shares of Synopsys during the first quarter valued at approximately $136,109,000. State Street Corp boosted its stake in shares of Synopsys by 19.9% in the first quarter. State Street Corp now owns 7,240,263 shares of the semiconductor company’s stock valued at $522,251,000 after buying an additional 1,201,269 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Synopsys by 155.6% in the first quarter. Morgan Stanley now owns 1,081,104 shares of the semiconductor company’s stock valued at $77,979,000 after buying an additional 658,199 shares during the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.
Shares of Synopsys, Inc. (NASDAQ:SNPS) opened at 76.61 on Monday. Synopsys, Inc. has a one year low of $54.69 and a one year high of $77.29. The stock has a market cap of $11.52 billion, a price-to-earnings ratio of 42.80 and a beta of 1.02. The company has a 50-day moving average of $74.74 and a 200 day moving average of $71.67.
Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. Synopsys had a return on equity of 11.16% and a net margin of 10.74%. The company had revenue of $680.07 million during the quarter, compared to the consensus estimate of $672.40 million. During the same quarter last year, the company earned $0.81 earnings per share. Synopsys’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities analysts forecast that Synopsys, Inc. will post $3.28 earnings per share for the current fiscal year.
Synopsys announced that its board has approved a share repurchase plan on Friday, June 16th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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Several analysts have commented on SNPS shares. Zacks Investment Research cut shares of Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Needham & Company LLC restated a “buy” rating and set a $76.00 price objective on shares of Synopsys in a research note on Monday, April 17th. BidaskClub cut shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Pacific Crest reiterated an “overweight” rating and issued a $86.00 target price (up from $78.00) on shares of Synopsys in a research note on Friday, May 19th. Finally, DA Davidson reiterated a “buy” rating and issued a $85.00 target price (up from $77.00) on shares of Synopsys in a research note on Friday, May 19th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $75.78.
In other Synopsys news, Director John Schwarz sold 21,496 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $71.20, for a total value of $1,530,515.20. Following the completion of the sale, the director now owns 19,324 shares of the company’s stock, valued at $1,375,868.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Geus Aart De sold 264,000 shares of the firm’s stock in a transaction on Friday, May 19th. The shares were 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 approximately $15,631,644.33. The disclosure for this sale can be found here. In the last three months, insiders sold 304,246 shares of company stock valued at $21,608,505. 1.82% of the stock is owned by corporate insiders.
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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