BlackRock Inc. Has $899.09 Million Stake in Synopsys, Inc. (SNPS)
BlackRock Inc. cut its stake in Synopsys, Inc. (NASDAQ:SNPS) by 3.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,328,144 shares of the semiconductor company’s stock after selling 468,080 shares during the period. BlackRock Inc. owned approximately 8.20% of Synopsys worth $899,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. grew its position in shares of Synopsys by 11.9% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,382 shares of the semiconductor company’s stock valued at $101,000 after purchasing an additional 147 shares in the last quarter. IFP Advisors Inc grew its position in shares of Synopsys by 40.4% in the second quarter. IFP Advisors Inc now owns 1,441 shares of the semiconductor company’s stock valued at $105,000 after purchasing an additional 415 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Synopsys in the first quarter valued at approximately $121,000. Robecosam AG grew its position in shares of Synopsys by 10.0% in the first quarter. Robecosam AG now owns 2,200 shares of the semiconductor company’s stock valued at $159,000 after purchasing an additional 200 shares in the last quarter. Finally, SRS Capital Advisors Inc. grew its position in shares of Synopsys by 14.4% in the first quarter. SRS Capital Advisors Inc. now owns 2,226 shares of the semiconductor company’s stock valued at $160,000 after purchasing an additional 281 shares in the last quarter. Institutional investors and hedge funds own 88.94% of the company’s stock.
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In other Synopsys news, EVP Joseph W. Logan sold 5,000 shares of Synopsys stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $76.99, for a total value of $384,950.00. Following the completion of the sale, the executive vice president now directly owns 63,793 shares of the company’s stock, valued at approximately $4,911,423.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $77.50, for a total transaction of $290,625.00. Following the completion of the sale, the chief executive officer now directly owns 200,429 shares of the company’s stock, valued at $15,533,247.50. The disclosure for this sale can be found here. 1.82% of the stock is currently owned by insiders.
SNPS has been the subject of a number of analyst reports. J P Morgan Chase & Co restated an “average” rating on shares of Synopsys in a research report on Friday, May 26th. BidaskClub lowered Synopsys from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Credit Suisse Group restated a “positive” rating and issued a $90.00 price target (up from $82.00) on shares of Synopsys in a research report on Tuesday, August 15th. Needham & Company LLC restated a “buy” rating and issued a $83.00 price target (up from $77.00) on shares of Synopsys in a research report on Thursday, August 17th. Finally, Royal Bank Of Canada upped their price target on Synopsys from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Thursday, August 17th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $83.38.
Synopsys, Inc. (NASDAQ:SNPS) opened at 80.43 on Tuesday. Synopsys, Inc. has a 12 month low of $56.03 and a 12 month high of $80.70. The company has a 50-day moving average price of $78.34 and a 200 day moving average price of $74.63. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 37.76 and a beta of 0.99.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.92. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The firm had revenue of $695.40 million during the quarter, compared to the consensus estimate of $691.22 million. During the same period in the previous year, the firm posted $0.76 EPS. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. Equities analysts predict that Synopsys, Inc. will post $3.31 earnings per share for the current year.
Synopsys announced that its board has approved a stock buyback program on Friday, June 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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