Intersect Capital LLC bought a new position in Synopsys, Inc. (NASDAQ:SNPS) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 834 shares of the semiconductor company’s stock, valued at approximately $230,000.
Several other hedge funds have also recently modified their holdings of SNPS. FMR LLC increased its holdings in shares of Synopsys by 1.1% in the first quarter. FMR LLC now owns 257,171 shares of the semiconductor company’s stock worth $29,613,000 after purchasing an additional 2,914 shares during the last quarter. IFP Advisors Inc increased its stake in Synopsys by 63.3% during the first quarter. IFP Advisors Inc now owns 356 shares of the semiconductor company’s stock worth $89,000 after acquiring an additional 138 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Synopsys by 90.8% during the first quarter. Commonwealth Equity Services LLC now owns 5,056 shares of the semiconductor company’s stock worth $1,252,000 after acquiring an additional 2,406 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Synopsys by 10.3% during the first quarter. Envestnet Asset Management Inc. now owns 199,045 shares of the semiconductor company’s stock worth $49,319,000 after acquiring an additional 18,647 shares during the last quarter. Finally, Unigestion Holding SA bought a new stake in Synopsys during the first quarter worth approximately $511,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.
Synopsys stock opened at $332.59 on Wednesday. The business has a fifty day moving average of $302.20 and a two-hundred day moving average of $268.47. The firm has a market cap of $50.72 billion, a P/E ratio of 69.29, a P/E/G ratio of 4.47 and a beta of 1.08. Synopsys, Inc. has a twelve month low of $193.55 and a twelve month high of $340.66.
Synopsys declared that its board has initiated a stock repurchase plan on Thursday, June 17th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 1.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other news, CEO Chi-Foon Chan sold 310 shares of the stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $316.43, for a total transaction of $98,093.30. Following the completion of the sale, the chief executive officer now owns 164,515 shares in the company, valued at approximately $52,057,481.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Trac Pham sold 17,831 shares of the stock in a transaction on Thursday, June 24th. The shares were sold at an average price of $273.19, for a total value of $4,871,250.89. Following the sale, the chief financial officer now owns 48,978 shares of the company’s stock, valued at approximately $13,380,299.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 347,230 shares of company stock valued at $108,939,023. Company insiders own 1.56% of the company’s stock.
Several equities research analysts have weighed in on the company. HSBC reissued an “average” rating on shares of Synopsys in a research note on Thursday, August 26th. Westpark Capital assumed coverage on Synopsys in a research note on Thursday, July 15th. They set a “buy” rating and a $340.00 target price on the stock. Wells Fargo & Company upped their target price on Synopsys from $325.00 to $340.00 and gave the company an “overweight” rating in a research note on Thursday, August 19th. KeyCorp upped their target price on Synopsys from $320.00 to $347.00 and gave the company an “overweight” rating in a research note on Thursday, August 19th. Finally, Robert W. Baird upped their target price on Synopsys from $320.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, August 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Synopsys presently has an average rating of “Buy” and an average price target of $318.75.
Synopsys Company Profile
Synopsys, Inc engages in the provision of software products and consulting services in the electronic design automation industry. The firm operates through the following segments: Semiconductor and System Design, and Software Integrity. It provides intellectual property products, which are pre-designed circuits that engineers use as components of larger chip designs, as well as software and hardware that are used to develop the electronic systems that incorporate chips and the software that runs on the circuits.
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