Congress Wealth Management LLC DE Sells 222 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Congress Wealth Management LLC DE decreased its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.6% during the 1st quarter, Holdings Channel reports. The fund owned 35,110 shares of the semiconductor company’s stock after selling 222 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Synopsys were worth $20,066,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Synopsys by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock worth $6,977,593,000 after acquiring an additional 203,601 shares during the last quarter. Capital World Investors boosted its stake in Synopsys by 0.5% during the 4th quarter. Capital World Investors now owns 6,551,405 shares of the semiconductor company’s stock worth $3,373,384,000 after acquiring an additional 32,430 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Synopsys by 6.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock valued at $1,321,019,000 after buying an additional 153,053 shares in the last quarter. Norges Bank bought a new position in Synopsys in the fourth quarter valued at approximately $1,272,143,000. Finally, Ameriprise Financial Inc. lifted its stake 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 buying an additional 344,430 shares in the last quarter. Institutional investors own 85.47% of the company’s stock.

Insider Activity

In other news, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.41, for a total value of $5,995,328.54. Following the transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $36,440,228.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider John F. Runkel, Jr. sold 936 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $566.97, for a total transaction of $530,683.92. Following the transaction, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,339,400. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.41, for a total transaction of $5,995,328.54. Following the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at $36,440,228.88. The disclosure for this sale can be found here. Insiders have sold 35,658 shares of company stock valued at $20,970,824 over the last ninety days. 0.66% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on SNPS. Robert W. Baird lifted their price target on shares of Synopsys from $640.00 to $645.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $615.00 price target on shares of Synopsys in a research note on Thursday, May 23rd. Needham & Company LLC reissued a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a research report on Thursday, May 23rd. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Finally, Piper Sandler reissued an “overweight” rating and issued a $672.00 price objective (up previously from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $624.36.

Synopsys Stock Performance

SNPS traded up $6.69 during trading on Monday, reaching $601.75. 612,791 shares of the stock were exchanged, compared to its average volume of 1,096,962. The stock has a market cap of $92.20 billion, a P/E ratio of 65.41, a price-to-earnings-growth ratio of 3.84 and a beta of 1.07. Synopsys, Inc. has a twelve month low of $418.51 and a twelve month high of $629.38. The stock’s 50 day moving average price is $569.90 and its two-hundred day moving average price is $556.31.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a net margin of 23.05% and a return on equity of 22.66%. Synopsys’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.76 earnings per share. Equities research analysts predict that Synopsys, Inc. will post 9.66 earnings per share for the current fiscal year.

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.