Summit Trail Advisors LLC Trims Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Summit Trail Advisors LLC cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 6.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 702 shares of the semiconductor company’s stock after selling 47 shares during the period. Summit Trail Advisors LLC’s holdings in Synopsys were worth $361,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. FMR LLC grew its position in shares of Synopsys by 8.9% in the third quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company’s stock valued at $1,850,594,000 after purchasing an additional 330,206 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Synopsys by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company’s stock valued at $925,744,000 after purchasing an additional 344,430 shares in the last quarter. Northern Trust Corp boosted its stake in Synopsys by 4.9% during the third quarter. Northern Trust Corp now owns 1,687,602 shares of the semiconductor company’s stock valued at $774,559,000 after buying an additional 78,848 shares during the period. Van ECK Associates Corp increased its holdings in shares of 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 buying an additional 190,330 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Synopsys by 4.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 885,083 shares of the semiconductor company’s stock valued at $406,227,000 after buying an additional 36,470 shares in the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following the transaction, the chief executive officer now owns 61,863 shares in the company, valued at approximately $35,726,501.13. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Runkel, Jr. sold 5,319 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at $11,587,400. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,832 shares of company stock worth $15,464,992. 0.66% of the stock is owned by insiders.

Synopsys Stock Performance

Synopsys stock opened at $546.00 on Wednesday. Synopsys, Inc. has a fifty-two week low of $365.46 and a fifty-two week high of $629.38. The stock has a market cap of $83.27 billion, a price-to-earnings ratio of 60.53, a PEG ratio of 3.14 and a beta of 1.07. The stock’s 50 day simple moving average is $559.77 and its two-hundred day simple moving average is $539.03.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the business earned $1.75 EPS. Synopsys’s quarterly revenue was up 21.1% compared to the same quarter last year. On average, analysts predict 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.