Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by Chesapeake Wealth Management

Chesapeake Wealth Management cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,020 shares of the semiconductor company’s stock after selling 31 shares during the period. Chesapeake Wealth Management’s holdings in Synopsys were worth $1,023,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Swedbank AB acquired a new position in Synopsys in the first quarter valued at $1,051,637,000. Price T Rowe Associates Inc. MD increased its stake in shares of Synopsys by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock valued at $3,050,441,000 after acquiring an additional 1,514,449 shares during the last quarter. Sustainable Growth Advisers LP purchased a new position in shares of Synopsys during the 2nd quarter worth about $572,050,000. Capital World Investors lifted its holdings in shares of Synopsys by 12.5% during the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock worth $4,211,892,000 after acquiring an additional 818,485 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of Synopsys by 26.5% in the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after acquiring an additional 335,993 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Shares of SNPS stock opened at $523.98 on Tuesday. The company’s fifty day moving average price is $515.34 and its two-hundred day moving average price is $545.52. The firm has a market capitalization of $80.49 billion, a P/E ratio of 54.35, a P/E/G ratio of 3.18 and a beta of 1.08. Synopsys, Inc. has a 12 month low of $457.52 and a 12 month high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the firm posted $2.17 earnings per share. The company’s revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Synopsys, Inc. will post 9.45 EPS for the current year.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at $34,655,789.52. This represents a 14.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on SNPS. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Tuesday, October 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Friday, August 23rd. Piper Sandler dropped their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Berenberg Bank initiated coverage on Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $649.82.

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.