Sumitomo Mitsui Trust Holdings Inc. Sells 42,107 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Sumitomo Mitsui Trust Holdings Inc. cut its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 5.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 726,059 shares of the semiconductor company’s stock after selling 42,107 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Synopsys were worth $414,943,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNPS. Mutual Advisors LLC lifted its position in Synopsys by 3.1% during the third quarter. Mutual Advisors LLC now owns 855 shares of the semiconductor company’s stock valued at $392,000 after acquiring an additional 26 shares during the last quarter. Fred Alger Management LLC lifted its position in Synopsys by 1.8% during the third quarter. Fred Alger Management LLC now owns 1,150 shares of the semiconductor company’s stock valued at $528,000 after acquiring an additional 20 shares during the last quarter. Gotham Asset Management LLC lifted its position in Synopsys by 35.9% during the third quarter. Gotham Asset Management LLC now owns 8,428 shares of the semiconductor company’s stock valued at $3,868,000 after acquiring an additional 2,227 shares during the last quarter. Truist Financial Corp lifted its position in Synopsys by 119.2% during the third quarter. Truist Financial Corp now owns 27,626 shares of the semiconductor company’s stock valued at $12,680,000 after acquiring an additional 15,024 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its position in Synopsys by 18.8% during the third quarter. Advisors Asset Management Inc. now owns 6,787 shares of the semiconductor company’s stock valued at $3,115,000 after acquiring an additional 1,072 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SNPS shares. Robert W. Baird increased their target price on shares of Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $672.00 price target (up previously from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Finally, KeyCorp raised their price target on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $625.82.

Insider Activity at Synopsys

In other news, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.41, for a total value of $5,995,328.54. Following the sale, the chief executive officer now owns 62,568 shares in the company, valued at $36,440,228.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider John F. Runkel, Jr. sold 936 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at $11,339,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the transaction, the chief executive officer now owns 62,568 shares in the company, valued at $36,440,228.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,232 shares of company stock worth $21,436,741. 0.66% of the stock is owned by company insiders.

Synopsys Price Performance

SNPS stock traded down $0.23 during midday trading on Wednesday, hitting $609.43. 69,830 shares of the stock traded hands, compared to its average volume of 1,084,424. The firm has a market cap of $93.38 billion, a P/E ratio of 66.27, a PEG ratio of 3.84 and a beta of 1.07. The stock’s fifty day simple moving average is $571.62 and its 200-day simple moving average is $556.66. Synopsys, Inc. has a 1-year low of $418.51 and a 1-year high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 EPS for the quarter, missing the consensus estimate of $3.03 by ($0.03). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.76 EPS. On average, research analysts predict that Synopsys, Inc. will post 9.66 earnings per share for the current year.

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.