Covenant Asset Management LLC Decreases Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Covenant Asset Management LLC trimmed its position in Synopsys, Inc. (NASDAQ:SNPS) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,475 shares of the semiconductor company’s stock after selling 311 shares during the quarter. Synopsys accounts for approximately 1.0% of Covenant Asset Management LLC’s holdings, making the stock its 17th biggest holding. Covenant Asset Management LLC’s holdings in Synopsys were worth $6,317,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SNPS. Swedbank AB bought a new stake in shares of Synopsys during the 1st quarter valued at $1,051,637,000. Price T Rowe Associates Inc. MD increased its position 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 purchasing an additional 1,514,449 shares during the last quarter. Parnassus Investments LLC purchased a new stake in shares of Synopsys during the 3rd quarter valued at about $633,469,000. Sustainable Growth Advisers LP purchased a new stake in shares of Synopsys during the 2nd quarter valued at about $572,050,000. Finally, Edgewood Management LLC increased its holdings in Synopsys by 18.9% in the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after acquiring an additional 487,025 shares in the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SNPS. Berenberg Bank began coverage on shares of Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price for the company. Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $635.00 target price on shares of Synopsys in a research report on Friday, August 23rd. Finally, Wells Fargo & Company started coverage on Synopsys in a research report on Friday. They set an “equal weight” rating and a $570.00 target price for the company. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $644.36.

Synopsys Price Performance

SNPS stock opened at $557.73 on Friday. The firm has a market capitalization of $85.67 billion, a P/E ratio of 57.86, a P/E/G ratio of 3.26 and a beta of 1.08. The business’s 50-day moving average is $519.28 and its two-hundred day moving average is $545.55. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, topping the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion for 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 business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the company earned $2.17 EPS. On average, analysts expect that Synopsys, Inc. will post 9.45 EPS for the current year.

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.