Victory Capital Management Inc. Lowers Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Victory Capital Management Inc. reduced its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 4.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,204 shares of the semiconductor company’s stock after selling 8,861 shares during the quarter. Victory Capital Management Inc. owned about 0.14% of Synopsys worth $126,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. ORG Partners LLC increased its holdings in Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 36 shares during the last quarter. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of Synopsys in the fourth quarter worth about $28,000. Jones Financial Companies Lllp lifted its position in shares of Synopsys by 233.3% in the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock worth $31,000 after buying an additional 42 shares in the last quarter. Activest Wealth Management bought a new position in Synopsys during the first quarter valued at approximately $35,000. Finally, Fortitude Family Office LLC grew its holdings in Synopsys by 66.7% during the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 24 shares in the last quarter. Institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Synopsys stock opened at $463.97 on Friday. Synopsys, Inc. has a 1-year low of $440.62 and a 1-year high of $629.38. The company’s 50-day moving average is $550.05 and its 200 day moving average is $562.41. The firm has a market capitalization of $71.27 billion, a P/E ratio of 50.43, a price-to-earnings-growth ratio of 3.43 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.28 by $0.15. The firm 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%. Synopsys’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period last year, the company earned $2.17 EPS. Research analysts anticipate that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John F. Runkel, Jr. sold 936 shares of the firm’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 owns 20,000 shares of the company’s stock, valued at approximately $11,339,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Sassine Ghazi sold 10,293 shares of the 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 transaction, the chief executive officer now owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John F. Runkel, Jr. sold 936 shares of the firm’s stock in a transaction on 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 owns 20,000 shares in the company, valued at approximately $11,339,400. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,623 shares of company stock valued at $45,147,321. 0.66% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SNPS. JPMorgan Chase & Co. upped their price objective on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $635.00 price target on shares of Synopsys in a research note on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and issued a $687.00 price objective on shares of Synopsys in a research note on Thursday, August 22nd. Needham & Company LLC restated a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Thursday, August 22nd. Finally, KeyCorp increased their price target on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys has an average rating of “Buy” and an average price target of $630.09.

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.