Wealth Enhancement Advisory Services LLC Cuts Position in Synopsys, Inc. (NASDAQ:SNPS)

Wealth Enhancement Advisory Services LLC reduced its position in Synopsys, Inc. (NASDAQ:SNPS) by 4.1% during the second quarter, Holdings Channel reports. The institutional investor owned 26,725 shares of the semiconductor company’s stock after selling 1,142 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Synopsys were worth $15,903,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Andina Capital Management LLC grew its position in Synopsys by 2.8% during the 2nd quarter. Andina Capital Management LLC now owns 664 shares of the semiconductor company’s stock worth $395,000 after purchasing an additional 18 shares during the last quarter. M&G Plc increased its position in shares of Synopsys by 50.1% in the 2nd quarter. M&G Plc now owns 2,947 shares of the semiconductor company’s stock valued at $1,753,000 after acquiring an additional 983 shares during the period. Bangor Savings Bank lifted its position in Synopsys by 5.0% during the 2nd quarter. Bangor Savings Bank now owns 1,526 shares of the semiconductor company’s stock worth $908,000 after acquiring an additional 72 shares during the period. Cooper Financial Group grew its stake in Synopsys by 174.6% during the 2nd quarter. Cooper Financial Group now owns 1,598 shares of the semiconductor company’s stock valued at $951,000 after purchasing an additional 1,016 shares during the last quarter. Finally, S. R. Schill & Associates acquired a new position in shares of Synopsys in the second quarter valued at about $318,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 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 transaction of $17,167,450.74. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction 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 in the company, valued at approximately $36,440,228.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Geus Aart De sold 27,753 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $618.58, for a total transaction of $17,167,450.74. Following the completion of the sale, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $66,177,544.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,363 shares of company stock worth $49,361,263. Insiders own 0.66% of the company’s stock.

Synopsys Stock Up 0.8 %

Shares of Synopsys stock traded up $4.28 on Wednesday, reaching $532.92. The company’s stock had a trading volume of 202,873 shares, compared to its average volume of 1,072,354. The company has a market capitalization of $81.65 billion, a P/E ratio of 57.46, a PEG ratio of 3.39 and a beta of 1.07. The stock has a 50-day moving average price of $576.10 and a 200-day moving average price of $566.43. Synopsys, Inc. has a 52-week low of $418.51 and a 52-week high of $629.38.

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

Analyst Ratings Changes

A number of brokerages recently commented on SNPS. JPMorgan Chase & Co. upped their target price on Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. KeyCorp increased their price objective 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. Robert W. Baird boosted their target price on shares of Synopsys from $645.00 to $661.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. Piper Sandler increased their price target on Synopsys from $672.00 to $687.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a report on Thursday, May 23rd. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $627.18.

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.