Lazard Asset Management LLC Has $28.11 Million Stake in Synopsys, Inc. (SNPS)
Lazard Asset Management LLC increased its position in Synopsys, Inc. (NASDAQ:SNPS) by 25.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 385,446 shares of the semiconductor company’s stock after buying an additional 79,349 shares during the period. Lazard Asset Management LLC owned about 0.26% of Synopsys worth $28,110,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the company. UBS Asset Management Americas Inc. increased its position in Synopsys by 6.2% during the first quarter. UBS Asset Management Americas Inc. now owns 646,478 shares of the semiconductor company’s stock worth $46,630,000 after purchasing an additional 37,649 shares during the last quarter. State of Wisconsin Investment Board increased its position in Synopsys by 70.7% during the first quarter. State of Wisconsin Investment Board now owns 141,017 shares of the semiconductor company’s stock worth $10,172,000 after purchasing an additional 58,426 shares during the last quarter. Norinchukin Bank The acquired a new position in Synopsys during the first quarter worth approximately $705,000. Northwestern Mutual Investment Management Company LLC increased its position in Synopsys by 16.6% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 30,422 shares of the semiconductor company’s stock worth $2,194,000 after purchasing an additional 4,340 shares during the last quarter. Finally, Alambic Investment Management L.P. increased its position in Synopsys by 62.4% during the first quarter. Alambic Investment Management L.P. now owns 26,630 shares of the semiconductor company’s stock worth $1,921,000 after purchasing an additional 10,230 shares during the last quarter. 88.94% of the stock is owned by institutional investors and hedge funds.
Shares of Synopsys, Inc. (SNPS) opened at 80.70 on Thursday. The firm has a market cap of $12.12 billion, a price-to-earnings ratio of 37.89 and a beta of 0.99. The stock has a 50 day moving average of $78.47 and a 200 day moving average of $74.70. Synopsys, Inc. has a 52-week low of $56.03 and a 52-week high of $81.57.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 EPS for the quarter, hitting the consensus estimate of $0.92. The business had revenue of $695.40 million during the quarter, compared to analysts’ expectations of $691.22 million. Synopsys had a net margin of 12.37% and a return on equity of 11.60%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the company posted $0.76 earnings per share. Equities analysts predict that Synopsys, Inc. will post $3.31 EPS for the current fiscal year.
Synopsys declared that its Board of Directors has authorized a stock repurchase plan on Friday, June 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, CEO Chi-Foon Chan sold 3,750 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $77.50, for a total transaction of $290,625.00. Following the transaction, the chief executive officer now owns 200,429 shares of the company’s stock, valued at $15,533,247.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Joseph W. Logan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $76.99, for a total transaction of $384,950.00. Following the transaction, the executive vice president now directly owns 63,793 shares in the company, valued at approximately $4,911,423.07. The disclosure for this sale can be found here. 1.82% of the stock is currently owned by company insiders.
Several equities analysts recently commented on the stock. Royal Bank Of Canada upped their price target on shares of Synopsys from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, August 17th. Zacks Investment Research raised shares of Synopsys from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Monday, August 21st. BidaskClub raised shares of Synopsys from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 price target (up previously from $77.00) on shares of Synopsys in a research report on Thursday, August 17th. Finally, J P Morgan Chase & Co reaffirmed an “average” rating on shares of Synopsys in a research report on Friday, May 26th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Synopsys presently has a consensus rating of “Buy” and an average price target of $83.38.
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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