abrdn plc Boosts Holdings in Synopsys, Inc. (NASDAQ:SNPS)

abrdn plc increased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 8.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 77,099 shares of the semiconductor company’s stock after buying an additional 5,850 shares during the period. abrdn plc’s holdings in Synopsys were worth $39,130,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in SNPS. Swedbank AB acquired a new stake in shares of Synopsys in the first quarter valued at $1,051,637,000. Price T Rowe Associates Inc. MD increased its holdings in Synopsys by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after purchasing an additional 1,514,449 shares during the period. GQG Partners LLC raised its position in Synopsys by 91.6% in the 1st quarter. GQG Partners LLC now owns 2,095,100 shares of the semiconductor company’s stock valued at $1,197,350,000 after purchasing an additional 1,001,371 shares in the last quarter. Sustainable Growth Advisers LP purchased a new position in shares of Synopsys in the 2nd quarter valued at about $572,050,000. Finally, Capital World Investors grew its position in shares of Synopsys by 12.5% during the first quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock worth $4,211,892,000 after buying an additional 818,485 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Piper Sandler reduced their target price on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Mizuho initiated coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective for the company. Robert W. Baird increased their target price on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Berenberg Bank initiated coverage on Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $643.00.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction on Friday, August 23rd. The shares were 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 directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.66% of the stock is currently owned by insiders.

Synopsys Stock Performance

Synopsys stock opened at $536.42 on Thursday. The stock has a 50-day simple moving average of $506.07 and a 200-day simple moving average of $544.36. The company has a market capitalization of $82.40 billion, a P/E ratio of 55.65, a PEG ratio of 3.52 and a beta of 1.08. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data 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 during 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 company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.17 earnings per share. As a group, analysts forecast that Synopsys, Inc. will post 9.45 earnings per share for the current 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.