Jennison Associates LLC Buys 517 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Jennison Associates LLC lifted its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 7.8% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,172 shares of the semiconductor company’s stock after buying an additional 517 shares during the quarter. Jennison Associates LLC’s holdings in Synopsys were worth $3,693,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. DAVENPORT & Co LLC bought a new stake in Synopsys during the third quarter worth $208,000. Exchange Traded Concepts LLC raised its position in shares of Synopsys by 37.3% during the third quarter. Exchange Traded Concepts LLC now owns 2,609 shares of the semiconductor company’s stock worth $1,197,000 after purchasing an additional 709 shares during the period. CX Institutional lifted its stake in shares of Synopsys by 24.3% in the third quarter. CX Institutional now owns 947 shares of the semiconductor company’s stock valued at $435,000 after buying an additional 185 shares in the last quarter. UMB Bank n.a. lifted its position in Synopsys by 1.3% in the 3rd quarter. UMB Bank n.a. now owns 1,719 shares of the semiconductor company’s stock valued at $789,000 after acquiring an additional 22 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Synopsys by 24.7% in the third quarter. Handelsbanken Fonder AB now owns 62,760 shares of the semiconductor company’s stock valued at $28,805,000 after purchasing an additional 12,443 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 61,863 shares in the company, valued at approximately $35,726,501.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 61,863 shares in the company, valued at $35,726,501.13. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John F. Runkel, Jr. sold 5,319 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $11,587,400. The disclosure for this sale can be found here. Insiders have sold a total of 26,832 shares of company stock worth $15,464,992 in the last 90 days. Company insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

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

Synopsys Stock Performance

Shares of SNPS stock opened at $543.66 on Friday. The company has a market capitalization of $82.91 billion, a P/E ratio of 59.87, a PEG ratio of 3.10 and a beta of 1.06. Synopsys, Inc. has a fifty-two week low of $362.06 and a fifty-two week high of $629.38. The stock has a 50 day moving average price of $563.73 and a two-hundred day moving average price of $535.97.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates 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 in the prior year, the business posted $1.75 EPS. The firm’s revenue was up 21.1% compared to the same quarter last year. As a group, equities 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.