WealthPlan Investment Management LLC Invests $1.42 Million in Synopsys, Inc. (NASDAQ:SNPS)

WealthPlan Investment Management LLC bought a new stake in shares of Synopsys, Inc. (NASDAQ:SNPS) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,805 shares of the semiconductor company’s stock, valued at approximately $1,420,000.

A number of other hedge funds have also recently modified their holdings of the stock. WealthPLAN Partners LLC acquired a new stake in shares of Synopsys during the 3rd quarter valued at about $1,111,000. GSA Capital Partners LLP acquired a new stake in Synopsys in the third quarter valued at approximately $467,000. Waverton Investment Management Ltd grew its holdings in Synopsys by 20.9% in the third quarter. Waverton Investment Management Ltd now owns 331,825 shares of the semiconductor company’s stock valued at $168,129,000 after purchasing an additional 57,373 shares during the period. Apollon Wealth Management LLC increased its position in shares of Synopsys by 5.0% in the third quarter. Apollon Wealth Management LLC now owns 4,505 shares of the semiconductor company’s stock valued at $2,281,000 after buying an additional 214 shares in the last quarter. Finally, Coalescence Partners Investment Management LP raised its stake in shares of Synopsys by 49.0% during the 3rd quarter. Coalescence Partners Investment Management LP now owns 21,777 shares of the semiconductor company’s stock worth $11,028,000 after buying an additional 7,165 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $635.00 price objective on shares of Synopsys in a research report on Friday, August 23rd. Piper Sandler decreased their price target on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Loop Capital assumed coverage on Synopsys in a research note on Monday. They set a “buy” rating and a $675.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Robert W. Baird boosted their price target on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Synopsys presently has a consensus rating of “Buy” and a consensus price target of $649.82.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.66% of the stock is currently owned by corporate insiders.

Synopsys Price Performance

Synopsys stock opened at $556.26 on Tuesday. The stock’s fifty day moving average is $507.77 and its two-hundred day moving average is $545.05. The stock has a market cap of $85.45 billion, a PE ratio of 57.70, a P/E/G ratio of 3.42 and a beta of 1.08. Synopsys, Inc. has a 1-year low of $457.52 and a 1-year high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.17 EPS. On average, research analysts expect that Synopsys, Inc. will post 9.45 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.