Citigroup Inc. boosted its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 159.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 127,689 shares of the semiconductor company’s stock after buying an additional 78,462 shares during the period. Citigroup Inc. owned 0.08% of Synopsys worth $9,312,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNPS. UBS Asset Management Americas Inc. boosted its stake 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 buying an additional 37,649 shares during the last quarter. State of Wisconsin Investment Board boosted its stake 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 buying an additional 58,426 shares during the last quarter. Norinchukin Bank The acquired a new position in Synopsys during the first quarter worth $705,000. Northwestern Mutual Investment Management Company LLC boosted its stake 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 buying an additional 4,340 shares during the last quarter. Finally, Alambic Investment Management L.P. boosted its stake 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 buying an additional 10,230 shares during the last quarter. 88.94% of the stock is currently owned by institutional investors.
A number of research firms have weighed in on SNPS. HSBC Holdings plc reissued an “average” rating on shares of Synopsys in a research note on Thursday, September 14th. Credit Suisse Group reissued an “outperform” rating on shares of Synopsys in a research note on Thursday, August 31st. Zacks Investment Research lowered Synopsys from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Royal Bank Of Canada boosted their price objective on Synopsys from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Thursday, August 17th. Finally, Needham & Company LLC reissued a “buy” rating and set a $83.00 price objective (up previously from $77.00) on shares of Synopsys in a research note on Thursday, August 17th. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $83.38.
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In related news, EVP Joseph W. Logan sold 5,000 shares of Synopsys stock in a transaction on Friday, August 18th. The stock was sold at an average price of $76.99, for a total value of $384,950.00. Following the transaction, the executive vice president now owns 63,793 shares in the company, valued at $4,911,423.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction on Friday, August 18th. The shares were sold at an average price of $77.50, for a total value of $290,625.00. Following the completion of the transaction, the chief executive officer now owns 200,429 shares in the company, valued at approximately $15,533,247.50. The disclosure for this sale can be found here. 1.82% of the stock is owned by company insiders.
Synopsys, Inc. (NASDAQ SNPS) traded down 0.95% during midday trading on Thursday, hitting $79.93. The company had a trading volume of 53,843 shares. Synopsys, Inc. has a 52-week low of $56.03 and a 52-week high of $81.57. The stock has a 50 day moving average of $78.47 and a 200 day moving average of $74.70. The firm has a market cap of $12.01 billion, a price-to-earnings ratio of 37.53 and a beta of 0.99.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.92. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The business had revenue of $695.40 million for the quarter, compared to analysts’ expectations of $691.22 million. During the same quarter last year, the firm earned $0.76 earnings per share. The business’s revenue was up 13.0% on a year-over-year basis. On average, analysts anticipate that Synopsys, Inc. will post $3.31 EPS for the current year.
Synopsys declared that its Board of Directors has authorized a share buyback plan on Friday, June 16th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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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