Voya Investment Management LLC reduced its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,975 shares of the semiconductor company’s stock after selling 2,905 shares during the period. Voya Investment Management LLC owned 0.06% of Synopsys worth $6,051,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board purchased a new position in shares of Synopsys during the 2nd quarter valued at about $2,766,000. Dimensional Fund Advisors LP lifted its position in shares of Synopsys by 2.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 745,858 shares of the semiconductor company’s stock valued at $54,398,000 after buying an additional 18,609 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Synopsys by 94.7% during the 2nd quarter. Renaissance Technologies LLC now owns 900,834 shares of the semiconductor company’s stock valued at $65,698,000 after buying an additional 438,100 shares in the last quarter. Globeflex Capital L P lifted its position in shares of Synopsys by 68.1% during the 2nd quarter. Globeflex Capital L P now owns 26,616 shares of the semiconductor company’s stock valued at $1,941,000 after buying an additional 10,785 shares in the last quarter. Finally, Advisor Group Inc. lifted its position in shares of Synopsys by 14.3% during the 2nd quarter. Advisor Group Inc. now owns 2,617 shares of the semiconductor company’s stock valued at $190,000 after buying an additional 327 shares in the last quarter. 88.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on SNPS. Royal Bank Of Canada lifted their price objective on Synopsys from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Thursday, August 17th. Zacks Investment Research raised Synopsys from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research report on Monday, August 21st. BidaskClub raised Synopsys from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 price objective (up from $77.00) on shares of Synopsys in a research report on Thursday, August 17th. Finally, Credit Suisse Group reaffirmed a “positive” rating and set a $90.00 price objective (up from $82.00) on shares of Synopsys in a research report on Tuesday, August 15th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $84.00.
In related news, EVP Joseph W. Logan sold 5,000 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was 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 owns 63,793 shares of the company’s stock, valued at $4,911,423.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Chi-Foon Chan sold 3,750 shares of the stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $77.50, for a total value 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 approximately $15,533,247.50. The disclosure for this sale can be found here. Company insiders own 1.82% of the company’s stock.
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Shares of Synopsys, Inc. (NASDAQ:SNPS) opened at 82.68 on Wednesday. Synopsys, Inc. has a 52 week low of $56.03 and a 52 week high of $82.84. The company’s 50-day moving average price is $80.17 and its 200 day moving average price is $75.77. The company has a market cap of $12.42 billion, a P/E ratio of 38.82 and a beta of 1.00.
Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share for the quarter, meeting the consensus estimate of $0.92. The business had revenue of $695.40 million for the quarter, compared to the consensus estimate of $691.22 million. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.76 earnings per share. Equities research analysts anticipate that Synopsys, Inc. will post $3.31 earnings per share for the current fiscal year.
Synopsys announced that its board has approved a stock repurchase plan on Friday, June 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually an indication 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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