AMI Asset Management Corp Reduces Position in Synopsys, Inc. (NASDAQ:SNPS)

AMI Asset Management Corp lessened its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 66,860 shares of the semiconductor company’s stock after selling 884 shares during the quarter. Synopsys comprises 2.1% of AMI Asset Management Corp’s investment portfolio, making the stock its 26th biggest holding. AMI Asset Management Corp’s holdings in Synopsys were worth $39,786,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Synopsys by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock worth $7,903,478,000 after buying an additional 278,265 shares during the last quarter. Capital World Investors grew its stake in Synopsys by 12.5% during the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock worth $4,211,892,000 after buying an additional 818,485 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Synopsys by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after buying an additional 1,514,449 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Synopsys by 6.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock worth $1,321,019,000 after buying an additional 153,053 shares during the last quarter. Finally, Norges Bank purchased a new position in Synopsys during the 4th quarter worth approximately $1,272,143,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Trading Down 1.6 %

Shares of SNPS traded down $8.67 during mid-day trading on Friday, hitting $539.39. The company’s stock had a trading volume of 1,053,743 shares, compared to its average volume of 1,065,036. The firm has a 50-day simple moving average of $570.87 and a 200 day simple moving average of $566.56. The firm has a market capitalization of $82.64 billion, a P/E ratio of 58.63, a P/E/G ratio of 3.58 and a beta of 1.07. Synopsys, Inc. has a 1-year low of $434.14 and a 1-year high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period last year, the firm earned $2.17 EPS. As a group, sell-side analysts predict that Synopsys, Inc. will post 9.55 EPS for the current fiscal year.

Insider Activity

In other Synopsys news, Director Mercedes Johnson sold 5,500 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total value of $3,197,590.00. Following the sale, the director now owns 1,543 shares of the company’s stock, valued at $897,069.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Mercedes Johnson sold 5,500 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $581.38, for a total value of $3,197,590.00. Following the sale, the director now directly owns 1,543 shares in the company, valued at approximately $897,069.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John F. Runkel, Jr. sold 936 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the completion of the sale, the insider now directly owns 20,000 shares in the company, valued at $11,339,400. The disclosure for this sale can be found here. Insiders sold 69,830 shares of company stock valued at $42,643,721 in the last three months. 0.66% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SNPS shares. JPMorgan Chase & Co. raised their price target on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research note on Friday. Robert W. Baird lifted their target price on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $687.00 target price on shares of Synopsys in a research note on Thursday. Finally, KeyCorp lifted their target price on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys presently has a consensus rating of “Buy” and an average target price of $630.09.

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.