SteelPeak Wealth LLC Invests $524,000 in Synopsys, Inc. (NASDAQ:SNPS)

SteelPeak Wealth LLC bought a new position in shares of Synopsys, Inc. (NASDAQ:SNPS) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,035 shares of the semiconductor company’s stock, valued at approximately $524,000.

A number of other hedge funds have also modified their holdings of the business. Kingsview Wealth Management LLC purchased a new position in Synopsys in the 1st quarter valued at $239,000. Davidson Capital Management Inc. grew its position 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 last quarter. Concurrent Investment Advisors LLC purchased a new position in Synopsys in the 1st quarter valued at $218,000. Jacobs & Co. CA purchased a new position in Synopsys in the 3rd quarter valued at $10,554,000. Finally, Vontobel Holding Ltd. lifted its holdings in Synopsys by 4.7% in the third quarter. Vontobel Holding Ltd. now owns 965,256 shares of the semiconductor company’s stock valued at $488,796,000 after acquiring an additional 43,228 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNPS has been the subject of several research reports. Mizuho initiated coverage on Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price target for the company. Robert W. Baird lifted their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Berenberg Bank initiated coverage on Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Piper Sandler cut their target price on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $643.00.

Synopsys Stock Performance

Shares of NASDAQ:SNPS opened at $513.61 on Friday. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The stock has a market capitalization of $78.90 billion, a P/E ratio of 53.28, a PEG ratio of 3.77 and a beta of 1.08. The stock has a 50-day simple moving average of $505.38 and a 200-day simple moving average of $544.15.

Synopsys (NASDAQ:SNPS) last issued its 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 business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the business earned $2.17 EPS. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. Analysts predict that Synopsys, Inc. will post 9.45 earnings per share for the current year.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $34,655,789.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.66% of the stock is owned by company 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.