BluePath Capital Management LLC Purchases New Stake in Synopsys, Inc. (NASDAQ:SNPS)

BluePath Capital Management LLC acquired a new position in Synopsys, Inc. (NASDAQ:SNPS) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 483 shares of the semiconductor company’s stock, valued at approximately $276,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gotham Asset Management LLC lifted its stake in Synopsys by 35.9% in the third 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 last quarter. abrdn plc increased its holdings in Synopsys by 56.9% in 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 last quarter. Bridgefront Capital LLC bought a new stake in Synopsys in the 4th quarter valued at about $951,000. Vanguard Group Inc. lifted its holdings in Synopsys by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock valued at $6,977,593,000 after purchasing an additional 203,601 shares during the last quarter. Finally, Simplicity Solutions LLC boosted its position in Synopsys by 55.5% during the fourth quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock worth $2,219,000 after purchasing an additional 1,539 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $36,440,228.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Geus Aart De sold 5,893 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $602.00, for a total value of $3,547,586.00. Following the transaction, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $64,403,766. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $36,440,228.88. The disclosure for this sale can be found here. Insiders have sold a total of 36,232 shares of company stock worth $21,436,741 in the last 90 days. Company insiders own 0.66% of the company’s stock.

Synopsys Price Performance

NASDAQ SNPS traded down $2.67 during trading on Wednesday, hitting $606.99. 491,508 shares of the company’s stock traded hands, compared to its average volume of 1,087,744. The firm has a market cap of $93.00 billion, a P/E ratio of 65.98, a PEG ratio of 3.84 and a beta of 1.07. Synopsys, Inc. has a 12-month low of $418.51 and a 12-month high of $629.38. The stock has a fifty day moving average of $573.27 and a two-hundred day moving average of $557.04.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.03 by ($0.03). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.50 billion. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.76 EPS. As a group, analysts expect that Synopsys, Inc. will post 9.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on SNPS shares. Rosenblatt Securities restated a “buy” rating and set a $615.00 price target on shares of Synopsys in a research note on Thursday, May 23rd. Needham & Company LLC reiterated a “buy” rating and set a $660.00 price objective on shares of Synopsys in a research note on Thursday, May 23rd. StockNews.com upgraded Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Robert W. Baird upped their price target on Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Piper Sandler restated an “overweight” rating and issued a $672.00 price objective (up from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $625.82.

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.