Grandfield & Dodd LLC Cuts Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Grandfield & Dodd LLC decreased its position in Synopsys, Inc. (NASDAQ:SNPS) by 0.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 64,681 shares of the semiconductor company’s stock after selling 286 shares during the period. Synopsys accounts for 1.9% of Grandfield & Dodd LLC’s investment portfolio, making the stock its 19th biggest holding. Grandfield & Dodd LLC’s holdings in Synopsys were worth $32,754,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SNPS. ORG Partners LLC increased its position in shares of Synopsys by 600.0% during the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 36 shares during the last quarter. Pacifica Partners Inc. bought a new position in Synopsys in the 3rd quarter valued at $25,000. Tsfg LLC increased its position in shares of Synopsys by 75.0% during the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 24 shares during the last quarter. Chris Bulman Inc bought a new stake in shares of Synopsys during the 2nd quarter worth $30,000. Finally, Hazlett Burt & Watson Inc. boosted its holdings in shares of Synopsys by 40.0% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after buying an additional 20 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

Shares of Synopsys stock opened at $534.02 on Wednesday. The company’s 50 day moving average price is $516.71 and its 200-day moving average price is $545.49. Synopsys, Inc. has a 52-week low of $457.52 and a 52-week high of $629.38. The stock has a market capitalization of $82.03 billion, a price-to-earnings ratio of 55.40, a P/E/G ratio of 3.18 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.28 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company’s revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.17 EPS. As a group, equities research analysts forecast that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction that occurred on 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 directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. This trade represents a 14.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

SNPS has been the subject of a number of research analyst reports. Berenberg Bank assumed coverage on shares of Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a research note on Friday, August 23rd. Mizuho began coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research note on Tuesday, October 22nd. Finally, Piper Sandler dropped their price objective on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Synopsys presently has an average rating of “Buy” and an average price target of $649.82.

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.