SevenBridge Financial Group LLC Acquires New Position in Synopsys, Inc. (NASDAQ:SNPS)

SevenBridge Financial Group LLC bought a new position in shares of Synopsys, Inc. (NASDAQ:SNPS) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 935 shares of the semiconductor company’s stock, valued at approximately $520,000.

Other hedge funds also recently made changes to their positions in the company. Edgewood Management LLC raised its position in shares of Synopsys by 18.9% during the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after acquiring an additional 487,025 shares in the last quarter. Swedbank AB raised its holdings in shares of Synopsys by 1.4% during the second quarter. Swedbank AB now owns 1,866,133 shares of the semiconductor company’s stock worth $1,110,461,000 after purchasing an additional 25,999 shares during the period. Van ECK Associates Corp lifted its position in shares of Synopsys by 26.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after buying an additional 335,993 shares during the last quarter. Parnassus Investments LLC acquired a new position in shares of Synopsys in the 3rd quarter valued at about $633,469,000. Finally, Janus Henderson Group PLC grew its position in shares of Synopsys by 6.5% during the 1st quarter. Janus Henderson Group PLC now owns 1,055,290 shares of the semiconductor company’s stock valued at $603,016,000 after buying an additional 63,966 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Friday, August 23rd. Berenberg Bank initiated coverage on Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price target on the stock. Mizuho initiated coverage on Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective for the company. Piper Sandler cut their target price on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. upped their price target on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $644.36.

Synopsys Stock Up 1.3 %

SNPS stock opened at $565.07 on Friday. The company has a market capitalization of $86.80 billion, a P/E ratio of 58.62, a PEG ratio of 3.40 and a beta of 1.08. The company has a 50-day simple moving average of $520.78 and a 200 day simple moving average of $545.66. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38.

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

Synopsys Profile

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.