Oppenheimer & Co. Inc. Reduces Stake in Synopsys, Inc. (NASDAQ:SNPS)

Oppenheimer & Co. Inc. cut its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 6.4% during the third quarter, HoldingsChannel reports. The firm owned 22,307 shares of the semiconductor company’s stock after selling 1,524 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Synopsys were worth $11,296,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SNPS. ORG Partners LLC lifted its holdings in shares of Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 36 shares during the last quarter. Chris Bulman Inc bought a new stake in Synopsys in the second quarter worth about $30,000. Pacifica Partners Inc. purchased a new position in shares of Synopsys during the third quarter valued at approximately $25,000. Tsfg LLC grew its stake in shares of Synopsys by 75.0% during the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 24 shares during the last quarter. Finally, Fortitude Family Office LLC raised its holdings in shares of Synopsys by 66.7% in the second quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after buying an additional 24 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Stock Performance

Shares of SNPS opened at $557.96 on Thursday. The company has a 50 day moving average price of $509.95 and a 200-day moving average price of $545.30. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38. The stock has a market capitalization of $85.71 billion, a PE ratio of 57.88, a PEG ratio of 3.37 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share 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 company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the business earned $2.17 earnings per share. Synopsys’s revenue was up 12.7% on a year-over-year basis. Equities research analysts forecast that Synopsys, Inc. will post 9.45 EPS for the current year.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were 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 directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on SNPS. Piper Sandler dropped their price objective on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Berenberg Bank initiated coverage on shares of Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 target price for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $635.00 price target on shares of Synopsys in a research note on Friday, August 23rd. Mizuho initiated coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their target price on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Synopsys presently has a consensus rating of “Buy” and an average price target of $649.82.

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.