Evermay Wealth Management LLC Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Evermay Wealth Management LLC increased its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 47.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,471 shares of the semiconductor company’s stock after buying an additional 473 shares during the period. Evermay Wealth Management LLC’s holdings in Synopsys were worth $757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Gotham Asset Management LLC raised its holdings in shares of Synopsys by 35.9% in the third quarter. Gotham Asset Management LLC now owns 8,428 shares of the semiconductor company’s stock valued at $3,868,000 after buying an additional 2,227 shares during the last quarter. abrdn plc increased its position in Synopsys by 56.9% during the 4th quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock worth $43,442,000 after purchasing an additional 30,581 shares during the period. Simplicity Solutions LLC raised its stake in shares of Synopsys by 55.5% during the 4th quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock worth $2,219,000 after buying an additional 1,539 shares in the last quarter. Comerica Bank acquired a new stake in shares of Synopsys in the 3rd quarter valued at approximately $14,203,000. Finally, DNB Asset Management AS boosted its stake in shares of Synopsys by 18.6% in the fourth quarter. DNB Asset Management AS now owns 52,711 shares of the semiconductor company’s stock valued at $27,141,000 after buying an additional 8,259 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Activity at Synopsys

In other Synopsys news, Director Roy Vallee sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $572.66, for a total value of $5,726,600.00. Following the completion of the transaction, the director now owns 20,000 shares in the company, valued at approximately $11,453,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Marc N. Casper bought 750 shares of Synopsys stock in a transaction dated Monday, March 25th. The shares were acquired at an average cost of $585.45 per share, with a total value of $439,087.50. Following the completion of the transaction, the director now owns 1,736 shares in the company, valued at approximately $1,016,341.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roy Vallee sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the transaction, the director now directly owns 20,000 shares in the company, valued at $11,453,200. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Synopsys Price Performance

SNPS stock traded up $1.10 during midday trading on Friday, reaching $587.40. 725,828 shares of the company’s stock traded hands, compared to its average volume of 755,899. Synopsys, Inc. has a fifty-two week low of $409.83 and a fifty-two week high of $629.38. The business has a 50-day moving average price of $558.67 and a two-hundred day moving average price of $547.57. The company has a market capitalization of $89.58 billion, a P/E ratio of 63.85, a PEG ratio of 3.43 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the firm posted $1.76 EPS. The business’s revenue was up 15.2% compared to the same quarter last year. As a group, research analysts forecast that Synopsys, Inc. will post 9.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SNPS has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a research report on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $615.00 price target on shares of Synopsys in a report on Thursday. Piper Sandler restated an “overweight” rating and set a $672.00 target price (up previously from $665.00) on shares of Synopsys in a research report on Thursday. Finally, Robert W. Baird raised their target price on shares of Synopsys from $640.00 to $645.00 and gave the stock an “outperform” rating in a research report on Thursday. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $616.18.

Synopsys Company 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.