UniSuper Management Pty Ltd Grows Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

UniSuper Management Pty Ltd raised its position in Synopsys, Inc. (NASDAQ:SNPS) by 18.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,460 shares of the semiconductor company’s stock after acquiring an additional 3,319 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Synopsys were worth $12,264,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Synopsys by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock worth $7,903,478,000 after buying an additional 278,265 shares during the period. Capital World Investors grew its stake in shares of Synopsys by 0.5% during the fourth quarter. Capital World Investors now owns 6,551,405 shares of the semiconductor company’s stock valued at $3,373,384,000 after acquiring an additional 32,430 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Synopsys by 6.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock worth $1,321,019,000 after acquiring an additional 153,053 shares during the last quarter. Norges Bank acquired a new position in shares of Synopsys in the fourth quarter worth about $1,272,143,000. Finally, Van ECK Associates Corp boosted its holdings in Synopsys by 25.0% in the first quarter. Van ECK Associates Corp now owns 1,162,107 shares of the semiconductor company’s stock valued at $664,145,000 after purchasing an additional 232,731 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Shares of NASDAQ SNPS traded up $0.62 during mid-day trading on Tuesday, hitting $588.33. The company had a trading volume of 707,437 shares, compared to its average volume of 1,058,658. Synopsys, Inc. has a 12 month low of $418.51 and a 12 month high of $629.38. The stock has a market cap of $90.14 billion, a price-to-earnings ratio of 63.95, a PEG ratio of 3.63 and a beta of 1.07. The firm’s 50 day simple moving average is $590.70 and its two-hundred day simple moving average is $565.27.

Synopsys (NASDAQ:SNPS) last issued its earnings results 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). The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. Synopsys’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.76 earnings per share. Equities analysts forecast that Synopsys, Inc. will post 9.66 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SNPS. Robert W. Baird lifted their price objective on Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $660.00 price target on shares of Synopsys in a report on Thursday, May 23rd. Piper Sandler increased their price objective on shares of Synopsys from $672.00 to $687.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. KeyCorp boosted their target price on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $615.00 price target on shares of Synopsys in a research note on Thursday, May 23rd. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $627.18.

Insiders Place Their Bets

In related news, insider Geus Aart De sold 5,448 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $620.95, for a total value of $3,382,935.60. Following the sale, the insider now directly owns 106,983 shares in the company, valued at approximately $66,431,093.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Geus Aart De sold 5,448 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $620.95, for a total value of $3,382,935.60. Following the completion of the transaction, the insider now owns 106,983 shares in the company, valued at approximately $66,431,093.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Runkel, Jr. sold 936 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $566.97, for a total transaction of $530,683.92. Following the sale, the insider now owns 20,000 shares in the company, valued at $11,339,400. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,363 shares of company stock worth $49,361,263. Insiders own 0.66% of the company’s stock.

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.