State of Alaska Department of Revenue Trims Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

State of Alaska Department of Revenue trimmed its position in Synopsys, Inc. (NASDAQ:SNPS) by 51.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,180 shares of the semiconductor company’s stock after selling 33,523 shares during the quarter. State of Alaska Department of Revenue’s holdings in Synopsys were worth $15,789,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Smith Salley Wealth Management lifted its holdings in Synopsys by 5.2% in the third quarter. Smith Salley Wealth Management now owns 2,376 shares of the semiconductor company’s stock valued at $1,203,000 after acquiring an additional 118 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Synopsys by 9.3% in the third quarter. DekaBank Deutsche Girozentrale now owns 160,063 shares of the semiconductor company’s stock valued at $81,552,000 after purchasing an additional 13,614 shares during the period. Boston Trust Walden Corp lifted its stake in shares of Synopsys by 4.8% in the 3rd quarter. Boston Trust Walden Corp now owns 2,444 shares of the semiconductor company’s stock valued at $1,238,000 after purchasing an additional 111 shares during the last quarter. Arkadios Wealth Advisors increased its position in shares of Synopsys by 13.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 912 shares of the semiconductor company’s stock worth $462,000 after purchasing an additional 106 shares during the last quarter. Finally, Forsta AP Fonden raised its holdings in Synopsys by 9.5% in the 3rd quarter. Forsta AP Fonden now owns 41,600 shares of the semiconductor company’s stock valued at $21,066,000 after buying an additional 3,600 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Buying and Selling at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of the business’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 in the company, valued at approximately $34,655,789.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is currently owned by insiders.

Synopsys Stock Up 1.3 %

Shares of Synopsys stock opened at $501.58 on Friday. Synopsys, Inc. has a 52-week low of $448.91 and a 52-week high of $629.38. The company has a 50 day moving average of $508.43 and a 200 day moving average of $545.19. The company has a market capitalization of $77.05 billion, a P/E ratio of 52.03, a P/E/G ratio of 3.44 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping 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 firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm posted $2.17 earnings per share. The company’s revenue was up 12.7% compared to the same quarter last year. As a group, research analysts anticipate that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Piper Sandler reduced their price target on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday. Robert W. Baird boosted their target price on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. JPMorgan Chase & Co. raised their price target on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $635.00 target price on shares of Synopsys in a research note on Friday, August 23rd. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $643.00.

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.