Capital Investment Counsel Inc Sells 400 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Capital Investment Counsel Inc trimmed its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 13.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,510 shares of the semiconductor company’s stock after selling 400 shares during the quarter. Capital Investment Counsel Inc’s holdings in Synopsys were worth $1,494,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SNPS. Hobbs Group Advisors LLC acquired a new position in shares of Synopsys in the second quarter valued at $40,000. Walter Public Investments Inc. acquired a new stake in shares of Synopsys in the second quarter valued at $10,744,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Synopsys by 10.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 397 shares of the semiconductor company’s stock valued at $236,000 after acquiring an additional 36 shares during the last quarter. Ninety One SA PTY Ltd boosted its holdings in Synopsys by 8.9% in the second quarter. Ninety One SA PTY Ltd now owns 16,410 shares of the semiconductor company’s stock valued at $9,851,000 after acquiring an additional 1,337 shares during the last quarter. Finally, Ninety One UK Ltd boosted its holdings in Synopsys by 1.0% in the second quarter. Ninety One UK Ltd now owns 543,953 shares of the semiconductor company’s stock valued at $323,685,000 after acquiring an additional 5,136 shares during the last quarter. 85.47% of the stock is owned by institutional investors.

Synopsys Price Performance

SNPS traded down $1.19 during midday trading on Tuesday, reaching $557.03. 703,183 shares of the company’s stock traded hands, compared to its average volume of 1,064,793. Synopsys, Inc. has a 52 week low of $427.63 and a 52 week high of $629.38. The stock has a market capitalization of $85.35 billion, a price-to-earnings ratio of 60.55, a P/E/G ratio of 3.42 and a beta of 1.07. The firm has a fifty day moving average of $573.18 and a two-hundred day moving average of $566.67.

Synopsys (NASDAQ:SNPS) last posted its quarterly 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 analysts’ expectations of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The business’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.76 EPS. Sell-side analysts forecast that Synopsys, Inc. will post 9.66 EPS for the current year.

Insider Buying and Selling at Synopsys

In other news, Director Mercedes Johnson sold 5,500 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the transaction, the director now directly owns 1,543 shares of the company’s stock, valued at approximately $897,069.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider John F. Runkel, Jr. sold 936 shares of Synopsys stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $566.97, for a total value of $530,683.92. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at $11,339,400. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mercedes Johnson sold 5,500 shares of Synopsys stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total value of $3,197,590.00. Following the completion of the transaction, the director now owns 1,543 shares of the company’s stock, valued at approximately $897,069.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,363 shares of company stock worth $49,361,263. Insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a report on Thursday, May 23rd. Rosenblatt Securities boosted their price target on Synopsys from $615.00 to $635.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. KeyCorp lifted their target price on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird boosted their price target on Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a research note on Tuesday, July 2nd. Finally, Piper Sandler upped their target price on Synopsys from $672.00 to $687.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $629.00.

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.