Accent Capital Management LLC Reduces Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Accent Capital Management LLC trimmed its position in Synopsys, Inc. (NASDAQ:SNPS) by 37.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,867 shares of the semiconductor company’s stock after selling 1,113 shares during the period. Accent Capital Management LLC’s holdings in Synopsys were worth $945,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Kingsview Wealth Management LLC acquired a new position in Synopsys in the first quarter valued at $239,000. Davidson Capital Management Inc. grew its holdings in Synopsys by 33,828.6% in the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock valued at $2,405,000 after buying an additional 4,736 shares during the period. Harvest Portfolios Group Inc. increased its stake in shares of Synopsys by 3.7% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock valued at $21,330,000 after acquiring an additional 1,496 shares during the last quarter. Jacobs & Co. CA purchased a new position in shares of Synopsys during the 3rd quarter worth about $10,554,000. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Synopsys by 4.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 965,256 shares of the semiconductor company’s stock worth $488,796,000 after acquiring an additional 43,228 shares during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Synopsys

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

Analyst Ratings Changes

Several equities analysts recently commented on SNPS shares. Robert W. Baird upped their price target on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Needham & Company LLC reissued a “buy” rating and set a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Piper Sandler cut their target price on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Berenberg Bank began coverage on Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target for the company. Finally, Mizuho began coverage on Synopsys in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective on the stock. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Synopsys has a consensus rating of “Buy” and a consensus price target of $649.82.

Synopsys Stock Performance

SNPS stock opened at $520.75 on Friday. The firm has a market cap of $79.99 billion, a P/E ratio of 54.02, a price-to-earnings-growth ratio of 3.18 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 stock has a 50-day simple moving average of $514.14 and a 200-day simple moving average of $545.35.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.28 by $0.15. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. Synopsys’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the company earned $2.17 earnings per share. On average, equities research analysts predict that Synopsys, Inc. will post 9.45 EPS for the current 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.