Peak Financial Advisors LLC Purchases New Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Peak Financial Advisors LLC acquired a new stake in shares of Synopsys, Inc. (NASDAQ:SNPS) in the third quarter, HoldingsChannel reports. The fund acquired 6,106 shares of the semiconductor company’s stock, valued at approximately $3,092,000. Synopsys accounts for approximately 1.6% of Peak Financial Advisors LLC’s holdings, making the stock its 23rd largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Synopsys by 49.4% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 5,314 shares of the semiconductor company’s stock worth $2,691,000 after purchasing an additional 1,758 shares during the period. Strategic Advisors LLC boosted its holdings in shares of Synopsys by 84.6% during the third quarter. Strategic Advisors LLC now owns 3,390 shares of the semiconductor company’s stock valued at $1,717,000 after acquiring an additional 1,554 shares during the period. Sendero Wealth Management LLC bought a new position in shares of Synopsys during the third quarter worth about $1,357,000. Modus Advisors LLC increased its holdings in shares of Synopsys by 3.1% in the 3rd quarter. Modus Advisors LLC now owns 1,031 shares of the semiconductor company’s stock worth $522,000 after acquiring an additional 31 shares during the period. Finally, Clarus Wealth Advisors boosted its stake in Synopsys by 13.1% during the 3rd quarter. Clarus Wealth Advisors now owns 1,212 shares of the semiconductor company’s stock valued at $600,000 after purchasing an additional 140 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Stock Up 1.3 %

NASDAQ:SNPS opened at $539.92 on Friday. The business’s 50-day moving average price is $510.84 and its 200 day moving average price is $550.02. Synopsys, Inc. has a 52-week low of $448.91 and a 52-week high of $629.38. The firm has a market cap of $82.72 billion, a P/E ratio of 58.69, a PEG ratio of 3.49 and a beta of 1.08.

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, topping the consensus estimate of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the company posted $2.17 EPS. The business’s revenue was up 12.7% compared to the same quarter last year. Sell-side analysts expect that Synopsys, Inc. will post 9.45 EPS for the current year.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Geus Aart De sold 493 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $620.60, for a total transaction of $305,955.80. Following the completion of the sale, the insider now directly owns 106,983 shares in the company, valued at approximately $66,393,649.80. This trade represents 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 the SEC website. Also, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the completion of the transaction, the chief executive officer now owns 62,568 shares in the company, valued at approximately $34,655,789.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

SNPS has been the topic of a number of recent analyst reports. KeyCorp lifted their price target on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research note on Thursday, August 22nd. Robert W. Baird lifted their price objective on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Synopsys has an average rating of “Buy” and a consensus target price of $642.22.

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.