Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by RBA Wealth Management LLC

RBA Wealth Management LLC trimmed its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 6.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,955 shares of the semiconductor company’s stock after selling 740 shares during the quarter. Synopsys makes up approximately 2.5% of RBA Wealth Management LLC’s investment portfolio, making the stock its 9th largest position. RBA Wealth Management LLC’s holdings in Synopsys were worth $6,261,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Truist Financial Corp raised its stake in Synopsys by 119.2% in the 3rd quarter. Truist Financial Corp now owns 27,626 shares of the semiconductor company’s stock valued at $12,680,000 after purchasing an additional 15,024 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Synopsys by 18.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,787 shares of the semiconductor company’s stock valued at $3,115,000 after buying an additional 1,072 shares in the last quarter. Axxcess Wealth Management LLC purchased a new stake in Synopsys in the 3rd quarter valued at $1,201,000. Evergreen Capital Management LLC grew its holdings in Synopsys by 4.2% in the 3rd quarter. Evergreen Capital Management LLC now owns 1,318 shares of the semiconductor company’s stock valued at $605,000 after buying an additional 53 shares in the last quarter. Finally, Lido Advisors LLC grew its holdings in Synopsys by 24.1% in the 3rd quarter. Lido Advisors LLC now owns 1,819 shares of the semiconductor company’s stock valued at $835,000 after buying an additional 353 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Price Performance

Shares of SNPS stock traded down $2.67 during midday trading on Thursday, hitting $606.99. The company had a trading volume of 491,508 shares, compared to its average volume of 790,976. Synopsys, Inc. has a 52-week low of $418.51 and a 52-week high of $629.38. The stock has a market cap of $93.00 billion, a price-to-earnings ratio of 65.98, a PEG ratio of 3.93 and a beta of 1.07. The company’s 50 day simple moving average is $574.85 and its 200 day simple moving average is $557.39.

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

Insider Buying and Selling

In other news, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction on Friday, May 24th. The stock was 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 of the company’s stock, valued at $36,440,228.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.90, for a total value of $722,213.10. Following the completion of the sale, the insider now owns 20,000 shares of the company’s stock, valued at $11,658,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sassine Ghazi sold 10,294 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $582.41, for a total value of $5,995,328.54. Following the completion of the sale, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $36,440,228.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,232 shares of company stock valued at $21,436,741. 0.66% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on SNPS. Piper Sandler reiterated an “overweight” rating and set a $672.00 price target (up from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. JPMorgan Chase & Co. increased their price target on Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research report on Thursday, May 23rd. KeyCorp increased their price target on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $625.82.

About Synopsys

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.