Synopsys (NASDAQ:SNPS) Shares Down 2.6% – Here’s Why

Synopsys, Inc. (NASDAQ:SNPS) fell 2.6% on Wednesday . The company traded as low as $501.00 and last traded at $503.90. 407,110 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,075,093 shares. The stock had previously closed at $517.56.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SNPS shares. Robert W. Baird increased their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. JPMorgan Chase & Co. lifted their price target on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a report on Thursday, August 22nd. KeyCorp increased their price objective on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Berenberg Bank started coverage on shares of Synopsys in a research note on Tuesday. They set a “buy” rating and a $660.00 target price for the company. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $644.00.

Synopsys Trading Up 0.5 %

The stock’s fifty day simple moving average is $512.37 and its 200 day simple moving average is $548.41. The company has a market cap of $77.88 billion, a price-to-earnings ratio of 52.35, a P/E/G ratio of 3.73 and a beta of 1.08.

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

Insiders Place Their Bets

In other news, CEO Sassine Ghazi sold 10,293 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.66% of the stock is owned by insiders.

Hedge Funds Weigh In On Synopsys

Large investors have recently modified their holdings of the business. Nomura Holdings Inc. acquired a new position in Synopsys in the fourth quarter valued at about $1,576,000. RFG Advisory LLC grew its stake in shares of Synopsys by 400.0% in the first quarter. RFG Advisory LLC now owns 2,105 shares of the semiconductor company’s stock valued at $1,203,000 after buying an additional 1,684 shares in the last quarter. Aurora Investment Managers LLC. purchased a new stake in shares of Synopsys in the 1st quarter valued at $636,000. CHURCHILL MANAGEMENT Corp lifted its stake in Synopsys by 21.2% during the 1st quarter. CHURCHILL MANAGEMENT Corp now owns 20,860 shares of the semiconductor company’s stock worth $11,922,000 after acquiring an additional 3,643 shares in the last quarter. Finally, Gulf International Bank UK Ltd boosted its holdings in Synopsys by 0.5% during the 1st quarter. Gulf International Bank UK Ltd now owns 13,090 shares of the semiconductor company’s stock valued at $7,480,000 after acquiring an additional 65 shares during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.

About Synopsys

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.