Ontario Teachers Pension Plan Board Sells 2,003 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Ontario Teachers Pension Plan Board cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 68.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 916 shares of the semiconductor company’s stock after selling 2,003 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Synopsys were worth $523,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Dynamic Advisor Solutions LLC lifted its position in shares of Synopsys by 21.6% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 1,046 shares of the semiconductor company’s stock valued at $507,000 after buying an additional 186 shares during the last quarter. Premier Path Wealth Partners LLC purchased a new stake in shares of Synopsys during the fourth quarter valued at about $351,000. HB Wealth Management LLC lifted its position in shares of Synopsys by 5.4% during the fourth quarter. HB Wealth Management LLC now owns 2,548 shares of the semiconductor company’s stock valued at $1,312,000 after buying an additional 131 shares during the last quarter. CoreCap Advisors LLC lifted its position in shares of Synopsys by 131.4% during the fourth quarter. CoreCap Advisors LLC now owns 1,215 shares of the semiconductor company’s stock valued at $626,000 after buying an additional 690 shares during the last quarter. Finally, CHURCHILL MANAGEMENT Corp lifted its position in shares of Synopsys by 0.9% during the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 17,217 shares of the semiconductor company’s stock valued at $8,865,000 after buying an additional 159 shares during the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on SNPS shares. JPMorgan Chase & Co. increased their price target on shares of Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Rosenblatt Securities reiterated a “buy” rating and issued a $615.00 price target on shares of Synopsys in a report on Thursday, May 23rd. KeyCorp increased their price target on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Piper Sandler increased their price target on shares of Synopsys from $672.00 to $687.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Finally, Robert W. Baird raised their price objective on shares of Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Synopsys has an average rating of “Buy” and an average target price of $627.18.

Insiders Place Their Bets

In other news, Director Mercedes Johnson sold 5,500 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the transaction, the director now owns 1,543 shares of the company’s stock, valued at approximately $897,069.34. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider John F. Runkel, Jr. sold 1,239 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.90, for a total value of $722,213.10. Following the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $11,658,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mercedes Johnson sold 5,500 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the completion of the sale, the director now owns 1,543 shares in the company, valued at $897,069.34. The disclosure for this sale can be found here. Insiders have sold a total of 81,363 shares of company stock valued at $49,361,263 in the last 90 days. 0.66% of the stock is owned by insiders.

Synopsys Trading Up 4.4 %

SNPS traded up $24.59 on Monday, hitting $587.71. 1,079,802 shares of the company’s stock were exchanged, compared to its average volume of 1,061,182. Synopsys, Inc. has a fifty-two week low of $418.51 and a fifty-two week high of $629.38. The firm has a 50-day moving average price of $589.52 and a 200-day moving average price of $563.86. The stock has a market cap of $90.05 billion, a price-to-earnings ratio of 63.88, a P/E/G ratio of 3.63 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.03 by ($0.03). Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm earned $1.76 EPS. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, equities analysts predict that Synopsys, Inc. will post 9.66 EPS for the current year.

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.