Veracity Capital LLC Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Veracity Capital LLC increased its position in Synopsys, Inc. (NASDAQ:SNPS) by 21.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 897 shares of the semiconductor company’s stock after acquiring an additional 157 shares during the period. Veracity Capital LLC’s holdings in Synopsys were worth $513,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SNPS. Norges Bank purchased a new position in Synopsys in the 4th quarter worth approximately $1,272,143,000. Global Assets Advisory LLC bought a new stake in Synopsys in the 1st quarter worth approximately $282,876,000. Wellington Management Group LLP grew its position in Synopsys by 228.8% in the 3rd quarter. Wellington Management Group LLP now owns 386,773 shares of the semiconductor company’s stock worth $177,517,000 after purchasing an additional 269,130 shares during the period. Vanguard Group Inc. grew its position in Synopsys by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock worth $6,977,593,000 after purchasing an additional 203,601 shares during the period. Finally, Van ECK Associates Corp grew its position in Synopsys by 25.8% in the 4th quarter. Van ECK Associates Corp now owns 929,376 shares of the semiconductor company’s stock worth $478,545,000 after purchasing an additional 190,330 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Trading Down 0.4 %

Shares of NASDAQ SNPS opened at $606.99 on Friday. The firm’s 50-day moving average price is $576.39 and its 200-day moving average price is $557.73. The stock has a market capitalization of $93.00 billion, a price-to-earnings ratio of 65.98, a P/E/G ratio of 3.92 and a beta of 1.07. Synopsys, Inc. has a 12-month low of $418.51 and a 12-month high of $629.38.

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

Insider Activity at Synopsys

In related news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $36,440,228.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Synopsys news, insider John F. Runkel, Jr. sold 936 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $566.97, for a total value of $530,683.92. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,339,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the completion of the transaction, the chief executive officer now owns 62,568 shares in the company, valued at $36,440,228.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,232 shares of company stock worth $21,436,741. Insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on SNPS. Robert W. Baird lifted their target price on shares of Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a research report on Tuesday. Piper Sandler reissued an “overweight” rating and set a $672.00 price objective (up previously from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. KeyCorp boosted their price objective on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. JPMorgan Chase & Co. boosted their price objective 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. Finally, Rosenblatt Securities reissued a “buy” rating and set a $615.00 price objective on shares of Synopsys in a research report on Thursday, May 23rd. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Synopsys presently has an average rating of “Buy” and an average price target of $625.82.

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.