AMI Asset Management Corp Sells 884 Shares of Synopsys, Inc. (NASDAQ:SNPS)

AMI Asset Management Corp reduced its position in Synopsys, Inc. (NASDAQ:SNPS) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,860 shares of the semiconductor company’s stock after selling 884 shares during the quarter. Synopsys accounts for approximately 2.1% of AMI Asset Management Corp’s investment portfolio, making the stock its 26th largest holding. AMI Asset Management Corp’s holdings in Synopsys were worth $39,786,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. ORG Partners LLC grew its stake in Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 36 shares during the last quarter. Bay Harbor Wealth Management LLC purchased a new position in Synopsys in the first quarter valued at about $26,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of Synopsys during the fourth quarter worth about $28,000. Jones Financial Companies Lllp grew its stake in shares of Synopsys by 233.3% during the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 42 shares during the last quarter. Finally, Activest Wealth Management purchased a new stake in shares of Synopsys during the first quarter worth about $35,000. 85.47% of the stock is currently owned by institutional investors.

Synopsys Price Performance

NASDAQ:SNPS traded down $8.67 during trading hours on Friday, reaching $539.39. The company had a trading volume of 1,053,743 shares, compared to its average volume of 1,065,036. Synopsys, Inc. has a 1-year low of $434.14 and a 1-year high of $629.38. The firm has a market cap of $82.64 billion, a PE ratio of 58.63, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. The business’s 50 day moving average price is $570.87 and its 200-day moving average price is $566.56.

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, beating analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the company posted $2.17 earnings per share. Synopsys’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, analysts expect that Synopsys, Inc. will post 9.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Synopsys

In other news, Director Mercedes Johnson sold 5,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total transaction of $3,197,590.00. Following the completion of the transaction, the director now directly owns 1,543 shares of the company’s stock, valued at approximately $897,069.34. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Geus Aart De sold 493 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $620.60, for a total transaction of $305,955.80. Following the completion of the transaction, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $66,393,649.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Mercedes Johnson sold 5,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $581.38, for a total value of $3,197,590.00. Following the transaction, the director now directly owns 1,543 shares of the company’s stock, valued at $897,069.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 69,830 shares of company stock valued at $42,643,721. 0.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

SNPS has been the topic of a number of research analyst reports. Robert W. Baird boosted their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research note on Thursday. Rosenblatt Securities restated a “buy” rating and set a $635.00 price target on shares of Synopsys in a research note on Friday. KeyCorp boosted their price target on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Piper Sandler restated an “overweight” rating and set a $687.00 price target on shares of Synopsys in a research note on Thursday. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $630.09.

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.