New York State Common Retirement Fund Trims Holdings in Synopsys, Inc. (NASDAQ:SNPS)

New York State Common Retirement Fund decreased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 7.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 344,781 shares of the semiconductor company’s stock after selling 27,479 shares during the period. New York State Common Retirement Fund owned approximately 0.23% of Synopsys worth $177,531,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SNPS. FMR LLC raised its stake in shares of Synopsys by 8.9% during the 3rd quarter. FMR LLC now owns 4,032,059 shares of the semiconductor company’s stock worth $1,850,594,000 after buying an additional 330,206 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Synopsys by 20.3% in the third quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company’s stock valued at $925,744,000 after purchasing an additional 344,430 shares during the last quarter. Northern Trust Corp increased its holdings in Synopsys by 4.9% during the 3rd quarter. Northern Trust Corp now owns 1,687,602 shares of the semiconductor company’s stock valued at $774,559,000 after acquiring an additional 78,848 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Synopsys by 4.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 885,083 shares of the semiconductor company’s stock worth $406,227,000 after purchasing an additional 36,470 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Synopsys by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 826,010 shares of the semiconductor company’s stock valued at $379,114,000 after acquiring an additional 7,294 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Activity at Synopsys

In other news, insider John F. Runkel, Jr. sold 5,319 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the completion of the sale, the insider now directly owns 20,000 shares of the company’s stock, valued at approximately $11,587,400. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,587,400. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Roy Vallee sold 10,000 shares of Synopsys stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the completion of the transaction, the director now directly owns 20,000 shares in the company, valued at approximately $11,453,200. The disclosure for this sale can be found here. Insiders have sold a total of 26,832 shares of company stock worth $15,464,992 in the last three months. 0.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Piper Sandler started coverage on shares of Synopsys in a research report on Thursday, April 4th. They set an “overweight” rating and a $665.00 target price on the stock. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a research report on Friday, March 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a research report on Thursday, March 21st. Finally, Robert W. Baird lifted their target price on Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a research report on Thursday, February 22nd. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $601.00.

Synopsys Stock Performance

Shares of NASDAQ SNPS traded up $4.78 during midday trading on Monday, hitting $515.49. The company’s stock had a trading volume of 974,046 shares, compared to its average volume of 1,238,791. Synopsys, Inc. has a 1-year low of $360.36 and a 1-year high of $629.38. The firm’s fifty day moving average price is $565.59 and its 200-day moving average price is $535.24. The firm has a market cap of $78.61 billion, a P/E ratio of 56.77, a P/E/G ratio of 2.98 and a beta of 1.06.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.13. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the business earned $1.75 EPS. The firm’s revenue was up 21.1% on a year-over-year basis. As a group, research analysts predict that Synopsys, Inc. will post 9.78 earnings per share for the current fiscal year.

Synopsys Profile

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.