1,250,950 Shares in Synopsys, Inc. (NASDAQ:SNPS) Bought by Parnassus Investments LLC

Parnassus Investments LLC purchased a new position in shares of Synopsys, Inc. (NASDAQ:SNPS) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,250,950 shares of the semiconductor company’s stock, valued at approximately $633,469,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital World Investors increased its stake in Synopsys by 12.5% during the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock worth $4,211,892,000 after buying an additional 818,485 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Synopsys by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after buying an additional 1,514,449 shares during the period. Swedbank AB increased its stake in Synopsys by 1.4% during the 2nd quarter. Swedbank AB now owns 1,866,133 shares of the semiconductor company’s stock worth $1,110,461,000 after buying an additional 25,999 shares during the period. Van ECK Associates Corp increased its position in shares of Synopsys by 26.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after purchasing an additional 335,993 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Synopsys by 6.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,055,290 shares of the semiconductor company’s stock worth $603,016,000 after purchasing an additional 63,966 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Stock Up 0.6 %

Shares of NASDAQ:SNPS opened at $523.98 on Tuesday. The firm has a 50-day simple moving average of $515.34 and a 200 day simple moving average of $545.52. The company has a market cap of $80.49 billion, a PE ratio of 54.35, a P/E/G ratio of 3.18 and a beta of 1.08. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38.

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Berenberg Bank assumed coverage on shares of Synopsys in a research report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. Piper Sandler dropped their target price on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Robert W. Baird boosted their target price on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research report on Friday, August 23rd. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $649.82.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction dated 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 directly owns 62,568 shares of the company’s stock, valued at $34,655,789.52. The trade was a 14.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.66% of the stock is currently owned by company insiders.

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.