Fifth Third Bancorp Has $83.52 Million Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Fifth Third Bancorp cut its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 194,763 shares of the semiconductor company’s stock after selling 6,384 shares during the period. Fifth Third Bancorp owned approximately 0.13% of Synopsys worth $83,524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNPS. Fiera Capital Corp raised its holdings in shares of Synopsys by 33.8% in the fourth quarter. Fiera Capital Corp now owns 196,391 shares of the semiconductor company’s stock valued at $95,320,000 after purchasing an additional 49,653 shares during the last quarter. Bancreek Capital Management LP purchased a new stake in Synopsys during the fourth quarter valued at about $3,827,000. Meridiem Investment Management Ltd. boosted its holdings in Synopsys by 13.1% in the 4th quarter. Meridiem Investment Management Ltd. now owns 557,174 shares of the semiconductor company’s stock worth $270,322,000 after buying an additional 64,322 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Synopsys by 7.6% in the fourth quarter. CIBC Asset Management Inc now owns 74,789 shares of the semiconductor company’s stock worth $36,300,000 after acquiring an additional 5,253 shares during the period. Finally, Davidson Capital Management Inc. grew its holdings in Synopsys by 23.7% during the 4th quarter. Davidson Capital Management Inc. now owns 5,874 shares of the semiconductor company’s stock valued at $2,851,000 after buying an additional 1,124 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on SNPS. Wells Fargo & Company decreased their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Morgan Stanley reduced their price objective on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. KeyCorp set a $540.00 target price on shares of Synopsys in a research note on Tuesday, June 3rd. Bank of America reduced their price target on Synopsys from $630.00 to $560.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Needham & Company LLC restated a “buy” rating and issued a $650.00 price objective on shares of Synopsys in a report on Thursday, May 29th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $607.14.

Synopsys Trading Down 0.7%

NASDAQ SNPS opened at $500.73 on Thursday. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80. The stock’s fifty day moving average price is $462.08 and its 200-day moving average price is $482.81. The stock has a market cap of $77.69 billion, a P/E ratio of 34.49, a P/E/G ratio of 3.23 and a beta of 1.11.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.40 by $0.27. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. Synopsys’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.00 EPS. As a group, analysts forecast that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $457.93, for a total value of $5,204,832.38. Following the completion of the transaction, the chief executive officer now owns 71,589 shares of the company’s stock, valued at approximately $32,782,750.77. The trade was a 13.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the firm’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the sale, the chief financial officer now directly owns 15,291 shares in the company, valued at approximately $7,427,144.52. The trade was a 32.34% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.

About Synopsys

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.