Frank Rimerman Advisors LLC Has $1.47 Million Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Frank Rimerman Advisors LLC cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 18.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,908 shares of the semiconductor company’s stock after selling 655 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Synopsys were worth $1,473,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SNPS. Sunbelt Securities Inc. raised its position in Synopsys by 552.6% in the 1st quarter. Sunbelt Securities Inc. now owns 124 shares of the semiconductor company’s stock valued at $71,000 after buying an additional 105 shares during the last quarter. Brookstone Capital Management purchased a new stake in Synopsys in the 1st quarter valued at $400,000. Wealth Enhancement Advisory Services LLC grew its stake in Synopsys by 54.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,867 shares of the semiconductor company’s stock valued at $15,926,000 after purchasing an additional 9,878 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in Synopsys by 38.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 2,166 shares of the semiconductor company’s stock valued at $1,238,000 after purchasing an additional 607 shares during the period. Finally, New Mexico Educational Retirement Board grew its stake in Synopsys by 12.6% in the 1st quarter. New Mexico Educational Retirement Board now owns 8,950 shares of the semiconductor company’s stock valued at $5,115,000 after purchasing an additional 1,000 shares during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNPS has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Rosenblatt Securities restated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a research note on Friday, August 23rd. JPMorgan Chase & Co. upped their price objective on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Piper Sandler reduced their price objective on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Berenberg Bank began coverage on Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective for the company. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $643.00.

Synopsys Stock Up 1.3 %

Shares of NASDAQ SNPS opened at $501.58 on Friday. Synopsys, Inc. has a 52 week low of $448.91 and a 52 week high of $629.38. The business has a 50-day simple moving average of $508.43 and a two-hundred day simple moving average of $545.19. The company has a market cap of $77.05 billion, a P/E ratio of 52.03, a P/E/G ratio of 3.44 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the company earned $2.17 EPS. The firm’s revenue was up 12.7% compared to the same quarter last year. Equities research analysts anticipate that Synopsys, Inc. will post 9.45 EPS for the current year.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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.