AMI Asset Management Corp Buys 1,794 Shares of Synopsys, Inc. (NASDAQ:SNPS)

AMI Asset Management Corp raised its stake in Synopsys, Inc. (NASDAQ:SNPS) by 2.7% in the 1st quarter, HoldingsChannel reports. The firm owned 67,744 shares of the semiconductor company’s stock after acquiring an additional 1,794 shares during the quarter. Synopsys makes up 2.0% of AMI Asset Management Corp’s portfolio, making the stock its 25th biggest position. AMI Asset Management Corp’s holdings in Synopsys were worth $38,716,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. abrdn plc grew its position in Synopsys by 56.9% in the 4th quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock worth $43,442,000 after purchasing an additional 30,581 shares in the last quarter. Bridgefront Capital LLC bought a new stake in Synopsys in the 4th quarter worth about $951,000. Vanguard Group Inc. grew its position in Synopsys by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock worth $6,977,593,000 after purchasing an additional 203,601 shares in the last quarter. Simplicity Solutions LLC grew its position in Synopsys by 55.5% in the 4th quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock worth $2,219,000 after purchasing an additional 1,539 shares in the last quarter. Finally, Comerica Bank bought a new stake in Synopsys in the 3rd quarter worth about $14,203,000. 85.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SNPS has been the topic of a number of research analyst reports. StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Robert W. Baird increased their target price on shares of Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a research note on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $615.00 price target on shares of Synopsys in a report on Thursday, May 23rd. JPMorgan Chase & Co. increased their price target on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $660.00 price target on shares of Synopsys in a report on Thursday, May 23rd. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys presently has an average rating of “Buy” and a consensus price target of $625.82.

Insider Activity

In other news, insider John F. Runkel, Jr. sold 1,239 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $582.90, for a total transaction of $722,213.10. Following the completion of the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,658,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 936 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $11,339,400. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $582.90, for a total transaction of $722,213.10. Following the completion of the transaction, the insider now owns 20,000 shares of the company’s stock, valued at $11,658,000. The disclosure for this sale can be found here. Insiders sold 36,232 shares of company stock valued at $21,436,741 over the last three months. Insiders own 0.66% of the company’s stock.

Synopsys Trading Down 0.4 %

NASDAQ:SNPS traded down $2.67 on Thursday, reaching $606.99. 491,508 shares of the stock traded hands, compared to its average volume of 790,976. The company’s fifty day simple moving average is $574.85 and its 200 day simple moving average is $557.39. Synopsys, Inc. has a 12 month low of $418.51 and a 12 month high of $629.38. The company has a market capitalization of $93.00 billion, a price-to-earnings ratio of 65.98, a PEG ratio of 3.93 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm earned $1.76 earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Equities analysts anticipate that Synopsys, Inc. will post 9.66 EPS for the current fiscal year.

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.