Synopsys, Inc. (NASDAQ:SNPS) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its position in Synopsys, Inc. (NASDAQ:SNPS) by 6.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,715 shares of the semiconductor company’s stock after purchasing an additional 1,494 shares during the period. PNC Financial Services Group Inc.’s holdings in Synopsys were worth $12,515,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SNPS. ORG Partners LLC lifted its holdings in shares of 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 buying an additional 36 shares during the period. Pacifica Partners Inc. purchased a new position in Synopsys in the third quarter worth $25,000. Tsfg LLC boosted its position in shares of Synopsys by 75.0% during the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 24 shares in the last quarter. Chris Bulman Inc acquired a new position in shares of Synopsys during the 2nd quarter worth $30,000. Finally, Hazlett Burt & Watson Inc. increased its holdings in shares of Synopsys by 40.0% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Piper Sandler lowered their target price on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Berenberg Bank assumed coverage on Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Robert W. Baird raised their price target on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $644.36.

Synopsys Trading Up 1.3 %

Shares of SNPS stock opened at $565.07 on Friday. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38. The company has a market capitalization of $86.80 billion, a price-to-earnings ratio of 58.62, a PEG ratio of 3.26 and a beta of 1.08. The firm has a 50-day moving average price of $520.78 and a 200 day moving average price of $545.69.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.17 earnings per share. As a group, research analysts predict that Synopsys, Inc. will post 9.45 earnings per share for the current year.

Synopsys 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.