Congress Asset Management Co. Grows Position in Synopsys, Inc. (NASDAQ:SNPS)

Congress Asset Management Co. grew its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 280,748 shares of the semiconductor company’s stock after purchasing an additional 636 shares during the quarter. Synopsys makes up about 1.0% of Congress Asset Management Co.’s investment portfolio, making the stock its 27th biggest position. Congress Asset Management Co. owned 0.18% of Synopsys worth $142,168,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNPS. ORG Partners LLC lifted its holdings in shares of Synopsys by 600.0% during 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 period. Chris Bulman Inc acquired a new stake in shares of Synopsys in the second quarter worth $30,000. Pacifica Partners Inc. acquired a new position in shares of Synopsys during the 3rd quarter valued at $25,000. Tsfg LLC boosted its position in Synopsys by 75.0% during the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 24 shares during the period. Finally, Fortitude Family Office LLC increased its holdings in Synopsys by 66.7% in the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Buying and Selling

In other news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the sale, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.66% of the stock is currently owned by insiders.

Synopsys Stock Performance

Shares of SNPS traded down $15.69 during midday trading on Thursday, hitting $520.73. 137,528 shares of the stock traded hands, compared to its average volume of 1,066,776. The firm has a market capitalization of $79.99 billion, a PE ratio of 55.65, a price-to-earnings-growth ratio of 3.52 and a beta of 1.08. The business’s 50 day moving average price is $506.07 and its two-hundred day moving average price is $544.36. Synopsys, Inc. has a 1-year low of $457.52 and a 1-year high of $629.38.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Robert W. Baird boosted 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. Piper Sandler lowered their price target on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. JPMorgan Chase & Co. upped their price objective on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Berenberg Bank initiated coverage on Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective on the stock. Finally, Rosenblatt Securities restated a “buy” rating and issued a $635.00 price target on shares of Synopsys in a research note on Friday, August 23rd. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $643.00.

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.