Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN cut its position in Synopsys, Inc. (NASDAQ:SNPS) by 45.0% during the third quarter, Holdings Channel reports. The firm owned 415 shares of the semiconductor company’s stock after selling 340 shares during the period. OLD National Bancorp IN’s holdings in Synopsys were worth $210,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Veracity Capital LLC increased its holdings in shares of Synopsys by 17.7% in the third quarter. Veracity Capital LLC now owns 1,244 shares of the semiconductor company’s stock valued at $630,000 after purchasing an additional 187 shares during the period. Meridiem Investment Management Ltd. increased its holdings in shares of Synopsys by 1.7% in the third quarter. Meridiem Investment Management Ltd. now owns 492,852 shares of the semiconductor company’s stock valued at $249,677,000 after purchasing an additional 8,018 shares during the period. Slow Capital Inc. acquired a new position in shares of Synopsys in the third quarter valued at about $1,747,000. Blue Trust Inc. increased its holdings in shares of Synopsys by 47.9% in the third quarter. Blue Trust Inc. now owns 2,975 shares of the semiconductor company’s stock valued at $1,507,000 after purchasing an additional 963 shares during the period. Finally, Inspire Advisors LLC increased its holdings in shares of Synopsys by 116.5% in the third quarter. Inspire Advisors LLC now owns 1,169 shares of the semiconductor company’s stock valued at $592,000 after purchasing an additional 629 shares during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Trading Down 1.8 %

Shares of SNPS stock opened at $493.41 on Thursday. The company has a market capitalization of $75.60 billion, a P/E ratio of 53.63, a P/E/G ratio of 3.47 and a beta of 1.08. The business’s 50 day moving average is $510.44 and its two-hundred day moving average is $546.23. Synopsys, Inc. has a 12-month low of $448.91 and a 12-month high of $629.38.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share 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 return on equity of 22.09% and a net margin of 24.06%. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.17 earnings per share. On average, research analysts predict that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SNPS has been the topic of a number of recent research reports. Needham & Company LLC restated a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research note on Tuesday. Mizuho initiated coverage on Synopsys in a research note on Tuesday. They issued an “outperform” rating and a $650.00 target price on the stock. Berenberg Bank initiated coverage on Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price on the stock. KeyCorp upped their target price on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Piper Sandler restated an “overweight” rating and issued a $687.00 target price on shares of Synopsys in a research note on Thursday, August 22nd. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $644.55.

Insider Activity

In related news, CEO Sassine Ghazi sold 10,293 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.66% of the company’s stock.

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.