Synopsys, Inc. (NASDAQ:SNPS) Stock Position Raised by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 707,976 shares of the semiconductor company’s stock after acquiring an additional 25,645 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.46% of Synopsys worth $358,512,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Synopsys by 59.1% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 25,300 shares of the semiconductor company’s stock worth $12,812,000 after purchasing an additional 9,399 shares during the period. WealthPlan Investment Management LLC bought a new position in Synopsys during the 3rd quarter worth $1,420,000. WealthPLAN Partners LLC acquired a new stake in Synopsys in the third quarter worth $1,111,000. GSA Capital Partners LLP bought a new stake in Synopsys in the third quarter valued at $467,000. Finally, Waverton Investment Management Ltd boosted its holdings in shares of Synopsys by 20.9% during the third quarter. Waverton Investment Management Ltd now owns 331,825 shares of the semiconductor company’s stock valued at $168,129,000 after acquiring an additional 57,373 shares during the period. Institutional investors own 85.47% of the company’s stock.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of the sale, the chief executive officer now owns 62,568 shares in the company, valued at approximately $34,655,789.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by company insiders.

Synopsys Stock Down 0.9 %

Shares of NASDAQ SNPS opened at $556.26 on Tuesday. Synopsys, Inc. has a 12 month low of $457.52 and a 12 month high of $629.38. The company has a market cap of $85.45 billion, a price-to-earnings ratio of 57.70, a P/E/G ratio of 3.42 and a beta of 1.08. The business has a fifty day simple moving average of $508.51 and a 200-day simple moving average of $545.23.

Synopsys (NASDAQ:SNPS) last issued 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 the consensus estimate of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.17 EPS. As a group, sell-side analysts expect that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on SNPS. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a research report on Friday, August 23rd. Robert W. Baird increased their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Piper Sandler cut their price objective on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Loop Capital started coverage on shares of Synopsys in a research report on Monday. They issued a “buy” rating and a $675.00 target price for the company. Finally, Mizuho started coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price target on the stock. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Synopsys has a consensus rating of “Buy” and a consensus price target of $649.82.

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.