First Long Island Investors LLC Purchases New Position in Synopsys, Inc. (NASDAQ:SNPS)

First Long Island Investors LLC acquired a new position in shares of Synopsys, Inc. (NASDAQ:SNPS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 21,527 shares of the semiconductor company’s stock, valued at approximately $10,901,000.

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

Synopsys Price Performance

Shares of NASDAQ SNPS traded down $21.98 during trading on Friday, hitting $526.33. 210,285 shares of the company were exchanged, compared to its average volume of 1,056,295. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The company has a market cap of $80.85 billion, a price-to-earnings ratio of 55.36, a PEG ratio of 3.40 and a beta of 1.08. The firm’s fifty day moving average price is $513.01 and its 200 day moving average price is $545.41.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 EPS 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 firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm earned $2.17 earnings per share. The firm’s revenue was up 12.7% on a year-over-year basis. On average, research analysts forecast that Synopsys, Inc. will post 9.45 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 10,293 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were 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 $34,655,789.52. The trade was a 14.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on SNPS shares. 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. Mizuho assumed 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 lowered 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. Robert W. Baird upped their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Finally, Berenberg Bank initiated coverage on shares of Synopsys in a research report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective on the stock. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $649.82.

Synopsys Company 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.