Rafferty Asset Management LLC lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 56.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,441 shares of the semiconductor company’s stock after buying an additional 12,086 shares during the quarter. Rafferty Asset Management LLC’s holdings in Synopsys were worth $6,521,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of SNPS. Vontobel Asset Management Inc. grew its position in shares of Synopsys by 1,003.5% during the 1st quarter. Vontobel Asset Management Inc. now owns 1,285,207 shares of the semiconductor company’s stock worth $178,005,000 after buying an additional 1,168,745 shares during the period. Mackenzie Financial Corp grew its position in shares of Synopsys by 46,721.5% during the 1st quarter. Mackenzie Financial Corp now owns 1,137,294 shares of the semiconductor company’s stock worth $146,472,000 after buying an additional 1,134,865 shares during the period. Franklin Resources Inc. grew its position in shares of Synopsys by 31.7% during the 1st quarter. Franklin Resources Inc. now owns 2,670,356 shares of the semiconductor company’s stock worth $343,914,000 after buying an additional 643,506 shares during the period. Newbrook Capital Advisors LP acquired a new stake in shares of Synopsys during the 1st quarter worth approximately $77,863,000. Finally, Invesco Ltd. grew its position in shares of Synopsys by 22.2% during the 1st quarter. Invesco Ltd. now owns 3,003,416 shares of the semiconductor company’s stock worth $386,809,000 after buying an additional 545,577 shares during the period. Institutional investors own 88.83% of the company’s stock.
Several brokerages have recently commented on SNPS. Benchmark lifted their price target on shares of Synopsys from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday. Bank of America lifted their price objective on shares of Synopsys from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Royal Bank of Canada lifted their price objective on shares of Synopsys from $210.00 to $228.00 and gave the stock an “outperform” rating in a research note on Thursday. KeyCorp lifted their price objective on shares of Synopsys from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Robert W. Baird lifted their price objective on shares of Synopsys from $222.00 to $228.00 and gave the stock an “outperform” rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Synopsys currently has an average rating of “Buy” and an average target price of $203.50.
In other news, Director Steven Walske sold 2,690 shares of Synopsys stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.65, for a total value of $502,088.50. Following the sale, the director now directly owns 12,629 shares in the company, valued at $2,357,202.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Trac Pham sold 33,758 shares of Synopsys stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $170.52, for a total transaction of $5,756,414.16. Following the completion of the sale, the chief financial officer now owns 33,783 shares in the company, valued at $5,760,677.16. The disclosure for this sale can be found here. Insiders sold 114,755 shares of company stock worth $20,153,822 over the last quarter. 1.84% of the stock is owned by corporate insiders.
SNPS traded up $10.01 during trading on Thursday, reaching $208.23. The company had a trading volume of 32,625 shares, compared to its average volume of 648,502. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.87. Synopsys, Inc. has a 12 month low of $104.90 and a 12 month high of $204.90. The business’s fifty day moving average price is $197.44 and its 200 day moving average price is $165.08. The company has a market cap of $30.12 billion, a P/E ratio of 67.88, a PEG ratio of 3.52 and a beta of 1.16.
Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 19th. The semiconductor company reported $1.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.34 by $0.40. Synopsys had a net margin of 13.96% and a return on equity of 11.53%. The firm had revenue of $964.10 million for the quarter, compared to analyst estimates of $894.23 million. During the same quarter in the previous year, the firm posted $1.18 earnings per share. The business’s revenue was up 13.0% on a year-over-year basis. As a group, sell-side analysts predict that Synopsys, Inc. will post 3.75 EPS for the current fiscal year.
Synopsys declared that its Board of Directors has authorized a share buyback program on Friday, June 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 1.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; Verification Continuum Platform, which provides 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.
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