Allworth Financial LP Boosts Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Allworth Financial LP boosted its position in Synopsys, Inc. (NASDAQ:SNPS) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,297 shares of the semiconductor company’s stock after purchasing an additional 32 shares during the period. Allworth Financial LP’s holdings in Synopsys were worth $1,163,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Kingsview Wealth Management LLC purchased a new position in Synopsys in the first quarter valued at approximately $239,000. Concurrent Investment Advisors LLC purchased a new position in Synopsys in the first quarter valued at approximately $218,000. Jacobs & Co. CA purchased a new position in Synopsys in the third quarter valued at approximately $10,554,000. Vontobel Holding Ltd. lifted its stake in Synopsys by 4.7% in the third quarter. Vontobel Holding Ltd. now owns 965,256 shares of the semiconductor company’s stock valued at $488,796,000 after purchasing an additional 43,228 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its position in shares of Synopsys by 44.9% during the first quarter. Axxcess Wealth Management LLC now owns 4,030 shares of the semiconductor company’s stock worth $2,303,000 after acquiring an additional 1,249 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Activity at Synopsys

In related 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 value of $5,701,189.77. Following the transaction, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.66% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have issued reports on SNPS. Robert W. Baird increased their target price on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Rosenblatt Securities restated a “buy” rating and set a $635.00 target price on shares of Synopsys in a research report on Friday, August 23rd. Berenberg Bank began coverage on Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 target price on the stock. Piper Sandler dropped their target price on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $643.00.

Synopsys Stock Performance

Shares of SNPS stock opened at $496.18 on Tuesday. The company has a market capitalization of $76.22 billion, a PE ratio of 51.47, a price-to-earnings-growth ratio of 3.52 and a beta of 1.08. Synopsys, Inc. has a 52-week low of $455.00 and a 52-week high of $629.38. The business’s fifty day moving average is $507.19 and its 200 day moving average is $544.62.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The firm’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.17 earnings per share. On average, sell-side analysts forecast that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

About Synopsys

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.