Prosperity Consulting Group LLC Grows Position in Synopsys, Inc. (NASDAQ:SNPS)

Prosperity Consulting Group LLC increased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 20.4% in the first quarter, Holdings Channel reports. The firm owned 791 shares of the semiconductor company’s stock after buying an additional 134 shares during the period. Prosperity Consulting Group LLC’s holdings in Synopsys were worth $452,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Truist Financial Corp lifted its holdings in shares of Synopsys by 119.2% in the 3rd quarter. Truist Financial Corp now owns 27,626 shares of the semiconductor company’s stock worth $12,680,000 after acquiring an additional 15,024 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Synopsys by 18.8% during the third quarter. Advisors Asset Management Inc. now owns 6,787 shares of the semiconductor company’s stock worth $3,115,000 after purchasing an additional 1,072 shares in the last quarter. Evergreen Capital Management LLC boosted its position in shares of Synopsys by 4.2% during the third quarter. Evergreen Capital Management LLC now owns 1,318 shares of the semiconductor company’s stock worth $605,000 after buying an additional 53 shares during the period. Lido Advisors LLC grew its stake in shares of Synopsys by 24.1% in the third 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. Finally, Legacy Advisors LLC raised its holdings in shares of Synopsys by 3.6% in the 3rd quarter. Legacy Advisors LLC now owns 785 shares of the semiconductor company’s stock valued at $360,000 after buying an additional 27 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Synopsys Trading Up 2.4 %

NASDAQ:SNPS traded up $14.31 during trading hours on Friday, hitting $621.30. The company’s stock had a trading volume of 946,152 shares, compared to its average volume of 704,159. The stock has a market capitalization of $95.20 billion, a P/E ratio of 67.53, a price-to-earnings-growth ratio of 3.92 and a beta of 1.07. The stock has a fifty day moving average of $577.95 and a 200-day moving average of $558.16. Synopsys, Inc. has a 52-week low of $418.51 and a 52-week high of $629.38.

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

Insiders Place Their Bets

In related news, CEO Sassine Ghazi sold 10,294 shares of the 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 transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $36,440,228.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Synopsys news, 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 transaction, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $36,440,228.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John F. Runkel, Jr. sold 1,239 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $582.90, for a total transaction of $722,213.10. Following the sale, the insider now owns 20,000 shares of the company’s stock, valued at approximately $11,658,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,021 shares of company stock valued at $23,140,653. 0.66% of the stock is owned by corporate insiders.

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.