First Hawaiian Bank Cuts Position in Synopsys, Inc. (NASDAQ:SNPS)

First Hawaiian Bank lessened its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 0.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,324 shares of the semiconductor company’s stock after selling 35 shares during the period. First Hawaiian Bank’s holdings in Synopsys were worth $4,953,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Kingsview Wealth Management LLC acquired a new stake in Synopsys in the 1st quarter worth about $239,000. abrdn plc boosted 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 buying an additional 30,581 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in Synopsys in the 1st quarter worth about $218,000. Bridgefront Capital LLC acquired a new position in shares of Synopsys during the 4th quarter worth approximately $951,000. Finally, Vanguard Group Inc. boosted its holdings in shares of 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 purchasing an additional 203,601 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Transactions at Synopsys

In other news, insider Geus Aart De sold 27,753 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $618.58, for a total transaction of $17,167,450.74. Following the sale, the insider now owns 106,983 shares of the company’s stock, valued at $66,177,544.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Synopsys news, insider Geus Aart De sold 27,753 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $618.58, for a total value of $17,167,450.74. Following the completion of the transaction, the insider now owns 106,983 shares in the company, valued at $66,177,544.14. 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 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 transaction of $5,995,328.54. Following the completion of the transaction, the chief executive officer now 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 90 days, insiders have sold 81,363 shares of company stock valued at $49,361,263. 0.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. KeyCorp boosted their target price on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird boosted their target price on Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Rosenblatt Securities restated a “buy” rating and set a $615.00 target price on shares of Synopsys in a report on Thursday, May 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a report on Thursday, May 23rd. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $627.18.

Synopsys Stock Down 6.5 %

NASDAQ SNPS traded down $34.89 on Friday, reaching $505.78. The stock had a trading volume of 2,843,665 shares, compared to its average volume of 865,666. The firm has a market capitalization of $77.50 billion, a price-to-earnings ratio of 54.98, a P/E/G ratio of 3.49 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 price of $584.85 and a two-hundred day moving average price of $567.42.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) 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 firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm earned $1.76 EPS. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Sell-side analysts forecast that Synopsys, Inc. will post 9.66 earnings per share for the current fiscal year.

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.