Bangor Savings Bank Takes $831,000 Position in Synopsys, Inc. (NASDAQ:SNPS)

Bangor Savings Bank acquired a new stake in Synopsys, Inc. (NASDAQ:SNPS) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,454 shares of the semiconductor company’s stock, valued at approximately $831,000.

A number of other institutional investors and hedge funds have also bought and sold shares of SNPS. University of Texas Texas AM Investment Managment Co. purchased a new stake in Synopsys in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp raised its stake in Synopsys by 233.3% in the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 42 shares in the last quarter. Rise Advisors LLC purchased a new position in shares of Synopsys during the first quarter worth approximately $46,000. Quarry LP raised its stake in shares of Synopsys by 63.1% during the fourth quarter. Quarry LP now owns 106 shares of the semiconductor company’s stock worth $55,000 after acquiring an additional 41 shares in the last quarter. Finally, Keener Financial Planning LLC purchased a new position in shares of Synopsys during the fourth quarter worth approximately $56,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider John F. Runkel, Jr. sold 5,319 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the sale, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Synopsys news, insider John F. Runkel, Jr. sold 5,319 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the transaction, the insider now owns 20,000 shares of the company’s stock, valued at approximately $11,587,400. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John F. Runkel, Jr. sold 936 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $566.97, for a total value of $530,683.92. Following the completion of the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at approximately $11,339,400. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,288 shares of company stock worth $13,527,485. Corporate insiders own 0.66% of the company’s stock.

Synopsys Stock Down 0.8 %

NASDAQ:SNPS opened at $605.53 on Monday. The stock has a market cap of $92.78 billion, a P/E ratio of 65.82, a price-to-earnings-growth ratio of 3.94 and a beta of 1.08. The firm’s fifty day simple moving average is $563.07 and its 200 day simple moving average is $554.74. Synopsys, Inc. has a twelve month low of $416.87 and a twelve month high of $629.38.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Rosenblatt Securities reissued a “buy” rating and set a $615.00 price target on shares of Synopsys in a research note on Thursday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $672.00 target price (up from $665.00) on shares of Synopsys in a research note on Thursday, May 23rd. Robert W. Baird lifted their target price on shares of Synopsys from $640.00 to $645.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. Finally, StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Synopsys currently has a consensus rating of “Buy” and a consensus price target of $616.18.

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.