Veracity Capital LLC Increases Position in Synopsys, Inc. (NASDAQ:SNPS)

Veracity Capital LLC increased its stake in Synopsys, Inc. (NASDAQ:SNPS) by 17.7% in the 3rd quarter, Holdings Channel reports. The fund owned 1,244 shares of the semiconductor company’s stock after buying an additional 187 shares during the quarter. Veracity Capital LLC’s holdings in Synopsys were worth $630,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meridiem Investment Management Ltd. boosted its position in Synopsys by 1.7% during the third quarter. Meridiem Investment Management Ltd. now owns 492,852 shares of the semiconductor company’s stock valued at $249,677,000 after buying an additional 8,018 shares during the period. Slow Capital Inc. purchased a new stake in Synopsys during the third quarter valued at about $1,747,000. Blue Trust Inc. boosted its position in Synopsys by 47.9% during the third quarter. Blue Trust Inc. now owns 2,975 shares of the semiconductor company’s stock valued at $1,507,000 after buying an additional 963 shares during the period. Inspire Advisors LLC boosted its position in Synopsys by 116.5% during the third quarter. Inspire Advisors LLC now owns 1,169 shares of the semiconductor company’s stock valued at $592,000 after buying an additional 629 shares during the period. Finally, Stonegate Investment Group LLC boosted its position in Synopsys by 20.7% during the third quarter. Stonegate Investment Group LLC now owns 613 shares of the semiconductor company’s stock valued at $310,000 after buying an additional 105 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNPS has been the subject of several recent analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $635.00 price objective on shares of Synopsys in a research note on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $687.00 price objective on shares of Synopsys in a research note on Thursday, August 22nd. Robert W. Baird upped 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. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price objective on shares of Synopsys in a research note on Thursday, August 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $644.00.

Synopsys Stock Performance

Shares of NASDAQ SNPS opened at $507.03 on Friday. Synopsys, Inc. has a fifty-two week low of $448.91 and a fifty-two week high of $629.38. The company has a 50 day simple moving average of $512.02 and a two-hundred day simple moving average of $547.77. The company has a market capitalization of $77.69 billion, a price-to-earnings ratio of 55.11, a P/E/G ratio of 3.73 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the firm earned $2.17 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, analysts forecast that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 10,293 shares of the firm’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 sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.66% of the company’s stock.

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.