Wealth Enhancement Advisory Services LLC Buys 9,878 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Wealth Enhancement Advisory Services LLC grew its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 54.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,867 shares of the semiconductor company’s stock after buying an additional 9,878 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Synopsys were worth $15,926,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. 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 boosted its holdings 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 purchasing an additional 42 shares during the period. Rise Advisors LLC purchased a new stake in shares of Synopsys during the first quarter worth about $46,000. Quarry LP boosted its holdings in shares of Synopsys by 63.1% during the fourth quarter. Quarry LP now owns 106 shares of the semiconductor company’s stock worth $55,000 after purchasing an additional 41 shares during the period. Finally, Keener Financial Planning LLC purchased a new stake in shares of Synopsys during the fourth quarter worth about $56,000. 85.47% of the stock is owned by institutional investors.

Insider Activity at Synopsys

In related news, insider Geus Aart De sold 4,212 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $600.05, for a total transaction of $2,527,410.60. Following the completion of the sale, the insider now owns 106,983 shares of the company’s stock, valued at $64,195,149.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Synopsys news, insider John F. Runkel, Jr. sold 936 shares of Synopsys stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $566.97, for a total value of $530,683.92. Following the completion of the sale, the insider now owns 20,000 shares of the company’s stock, valued at approximately $11,339,400. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Geus Aart De sold 4,212 shares of Synopsys stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $600.05, for a total transaction of $2,527,410.60. Following the completion of the sale, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $64,195,149.15. The disclosure for this sale can be found here. Insiders sold 35,658 shares of company stock valued at $20,970,824 over the last 90 days. Corporate insiders own 0.66% of the company’s stock.

Synopsys Stock Performance

SNPS stock opened at $595.06 on Friday. The firm has a market capitalization of $91.18 billion, a price-to-earnings ratio of 64.68, a PEG ratio of 3.84 and a beta of 1.08. The firm has a 50 day moving average price of $569.90 and a 200-day moving average price of $556.47. Synopsys, Inc. has a 52-week low of $418.51 and a 52-week high of $629.38.

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

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a report on Thursday, May 23rd. Robert W. Baird raised their price objective on shares of Synopsys from $640.00 to $645.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. KeyCorp raised their price objective on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. raised their price objective on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $672.00 price objective (up from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $624.36.

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.