Provence Wealth Management Group Makes New $266,000 Investment in Synopsys, Inc. (NASDAQ:SNPS)

Provence Wealth Management Group purchased a new stake in shares of Synopsys, Inc. (NASDAQ:SNPS) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 517 shares of the semiconductor company’s stock, valued at approximately $266,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Gotham Asset Management LLC raised its stake in Synopsys by 35.9% during the 3rd quarter. Gotham Asset Management LLC now owns 8,428 shares of the semiconductor company’s stock valued at $3,868,000 after purchasing an additional 2,227 shares during the period. abrdn plc boosted its position in Synopsys by 56.9% during the 4th quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock worth $43,442,000 after acquiring an additional 30,581 shares during the period. Simplicity Solutions LLC increased its holdings in shares of Synopsys by 55.5% in the 4th quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock valued at $2,219,000 after purchasing an additional 1,539 shares during the period. Comerica Bank purchased a new stake in shares of Synopsys in the third quarter worth approximately $14,203,000. Finally, DNB Asset Management AS boosted its holdings in shares of Synopsys by 18.6% during the fourth quarter. DNB Asset Management AS now owns 52,711 shares of the semiconductor company’s stock worth $27,141,000 after purchasing an additional 8,259 shares during the period. Institutional investors own 85.47% of the company’s stock.

Analysts Set New Price Targets

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

Synopsys Stock Performance

Shares of Synopsys stock traded up $13.56 during trading on Friday, reaching $536.94. The company’s stock had a trading volume of 855,779 shares, compared to its average volume of 964,656. The business’s fifty day moving average price is $561.64 and its 200-day moving average price is $537.01. Synopsys, Inc. has a one year low of $365.46 and a one year high of $629.38. The firm has a market cap of $81.88 billion, a price-to-earnings ratio of 59.13, a price-to-earnings-growth ratio of 3.06 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.43 by $0.13. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.65 billion. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The company’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.75 EPS. Sell-side analysts anticipate that Synopsys, Inc. will post 9.78 EPS for the current year.

Insider Buying and Selling at Synopsys

In related news, insider John F. Runkel, Jr. sold 1,219 shares of Synopsys stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $583.95, for a total transaction of $711,835.05. Following the sale, the insider now directly owns 26,780 shares of the company’s stock, valued at $15,638,181. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider John F. Runkel, Jr. sold 1,219 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $583.95, for a total value of $711,835.05. Following the completion of the transaction, the insider now directly owns 26,780 shares in the company, valued at $15,638,181. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Runkel, Jr. sold 5,319 shares of Synopsys stock in a transaction on 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 sale, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The disclosure for this sale can be found here. Insiders sold a total of 26,832 shares of company stock valued at $15,464,992 in the last ninety days. Company insiders own 0.66% of the company’s stock.

Synopsys Company 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.