Jennison Associates LLC Grows Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Jennison Associates LLC lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 41.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,802 shares of the semiconductor company’s stock after purchasing an additional 4,017 shares during the quarter. Jennison Associates LLC’s holdings in Synopsys were worth $6,989,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. EP Wealth Advisors LLC grew its position in Synopsys by 17.6% in the first quarter. EP Wealth Advisors LLC now owns 1,400 shares of the semiconductor company’s stock valued at $800,000 after acquiring an additional 210 shares in the last quarter. Morse Asset Management Inc grew its holdings in Synopsys by 2.3% during the 1st quarter. Morse Asset Management Inc now owns 2,260 shares of the semiconductor company’s stock worth $1,292,000 after acquiring an additional 50 shares in the last quarter. London & Capital Asset Management Ltd increased its position in shares of Synopsys by 2.8% in the 1st quarter. London & Capital Asset Management Ltd now owns 40,293 shares of the semiconductor company’s stock worth $23,027,000 after purchasing an additional 1,094 shares during the last quarter. Steadfast Capital Management LP raised its stake in shares of Synopsys by 17.2% in the 1st quarter. Steadfast Capital Management LP now owns 112,603 shares of the semiconductor company’s stock valued at $64,353,000 after purchasing an additional 16,500 shares in the last quarter. Finally, Ascent Group LLC lifted its position in shares of Synopsys by 1.7% during the first quarter. Ascent Group LLC now owns 1,978 shares of the semiconductor company’s stock worth $1,130,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Analysts Set New Price Targets

SNPS has been the subject of several research analyst reports. Loop Capital initiated coverage on Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and set a $635.00 target price on shares of Synopsys in a research note on Friday, August 23rd. Mizuho initiated coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price target on the stock. Robert W. Baird increased their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $644.36.

Synopsys Trading Up 1.3 %

Shares of NASDAQ:SNPS opened at $565.07 on Friday. The firm’s 50 day moving average is $520.78 and its two-hundred day moving average is $545.69. The firm has a market capitalization of $86.80 billion, a P/E ratio of 58.62, a PEG ratio of 3.26 and a beta of 1.08. Synopsys, Inc. has a 52 week low of $457.52 and a 52 week high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating the consensus estimate of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the firm earned $2.17 EPS. The firm’s revenue was up 12.7% compared to the same quarter last year. Analysts predict that Synopsys, Inc. will post 9.45 EPS for the current year.

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.