Virginia Retirement Systems ET AL raised its position in Synopsys, Inc. (NASDAQ:SNPS) by 41.5% during the first quarter, Holdings Channel reports. The fund owned 245,600 shares of the semiconductor company’s stock after buying an additional 72,000 shares during the period. Virginia Retirement Systems ET AL’s holdings in Synopsys were worth $17,715,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in Synopsys by 1.1% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 21,585 shares of the semiconductor company’s stock worth $1,281,000 after buying an additional 229 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Synopsys during the third quarter worth approximately $1,036,000. Nordea Investment Management AB increased its stake in Synopsys by 1.3% in the third quarter. Nordea Investment Management AB now owns 576,392 shares of the semiconductor company’s stock worth $34,209,000 after buying an additional 7,350 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Synopsys by 2.7% in the third quarter. Mutual of America Capital Management LLC now owns 115,018 shares of the semiconductor company’s stock worth $6,826,000 after buying an additional 3,025 shares during the last quarter. Finally, Capital Investment Counsel Inc acquired a new stake in Synopsys during the third quarter worth approximately $201,000. Institutional investors and hedge funds own 89.96% of the company’s stock.
Synopsys, Inc. (NASDAQ:SNPS) traded up 0.08% during midday trading on Friday, hitting $70.99. 2,324,633 shares of the stock were exchanged. The company has a 50 day moving average price of $72.89 and a 200 day moving average price of $66.08. Synopsys, Inc. has a one year low of $48.99 and a one year high of $75.34. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 39.66 and a beta of 0.87.
Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.02. The company had revenue of $680.07 million for the quarter, compared to analyst estimates of $672.40 million. Synopsys had a net margin of 11.01% and a return on equity of 11.51%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 EPS. Equities analysts anticipate that Synopsys, Inc. will post $3.28 EPS for the current year.
SNPS has been the topic of a number of research reports. Needham & Company LLC boosted their target price on shares of Synopsys from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. Royal Bank of Canada boosted their target price on shares of Synopsys from $66.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, February 16th. Zacks Investment Research downgraded shares of Synopsys from a “buy” rating to a “hold” rating in a report on Tuesday. Pacific Crest reiterated an “overweight” rating and issued a $86.00 target price (up from $78.00) on shares of Synopsys in a report on Friday. Finally, DA Davidson reiterated a “buy” rating and issued a $85.00 target price (up from $77.00) on shares of Synopsys in a report on Friday. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $75.78.
In related news, Director Alfred Castino sold 12,000 shares of the stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $70.62, for a total value of $847,440.00. Following the sale, the director now directly owns 15,982 shares in the company, valued at approximately $1,128,648.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Trac Pham sold 39,899 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $71.24, for a total transaction of $2,842,404.76. Following the completion of the sale, the chief financial officer now owns 12,158 shares in the company, valued at $866,135.92. The disclosure for this sale can be found here. Insiders sold a total of 60,973 shares of company stock worth $4,334,280 over the last quarter. 1.62% of the stock is currently owned by corporate insiders.
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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