1776 Wealth LLC Raises Holdings in Synopsys, Inc. (NASDAQ:SNPS)

1776 Wealth LLC increased its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,888 shares of the semiconductor company’s stock after buying an additional 60 shares during the period. Synopsys comprises approximately 0.9% of 1776 Wealth LLC’s holdings, making the stock its 23rd largest holding. 1776 Wealth LLC’s holdings in Synopsys were worth $1,969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Kingsview Wealth Management LLC purchased a new stake in shares of Synopsys in the 1st quarter worth approximately $239,000. Dorsey & Whitney Trust CO LLC raised its position in shares of Synopsys by 37.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 585 shares of the semiconductor company’s stock worth $334,000 after acquiring an additional 159 shares in the last quarter. Tocqueville Asset Management L.P. lifted its stake in shares of Synopsys by 0.9% during the 1st quarter. Tocqueville Asset Management L.P. now owns 2,134 shares of the semiconductor company’s stock worth $1,220,000 after purchasing an additional 20 shares during the last quarter. M&G Plc bought a new stake in Synopsys during the first quarter valued at about $1,123,000. Finally, Nicolet Advisory Services LLC purchased a new position in Synopsys in the first quarter valued at about $262,000. 85.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on SNPS shares. Mizuho started coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective for the company. Loop Capital initiated coverage on Synopsys in a research note on Monday, November 11th. They set a “buy” rating and a $675.00 target price on the stock. Robert W. Baird raised their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Berenberg Bank began coverage on shares of Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys presently has an average rating of “Buy” and an average target price of $649.82.

Synopsys Stock Performance

Shares of SNPS stock traded down $27.56 on Friday, reaching $520.75. 1,025,738 shares of the company were exchanged, compared to its average volume of 1,060,179. The company has a market cap of $79.99 billion, a price-to-earnings ratio of 54.02, a P/E/G ratio of 3.40 and a beta of 1.08. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The business has a 50-day moving average price of $514.14 and a 200 day moving average price of $545.25.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the company posted $2.17 earnings per share. The business’s revenue was up 12.7% on a year-over-year basis. As a group, equities analysts anticipate that Synopsys, Inc. will post 9.45 earnings per share for the current year.

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the sale, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. This trade represents a 14.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.66% of the stock is owned by insiders.

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.