OneAscent Wealth Management LLC Sells 248 Shares of Synopsys, Inc. (NASDAQ:SNPS)

OneAscent Wealth Management LLC decreased its position in Synopsys, Inc. (NASDAQ:SNPS) by 30.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 564 shares of the semiconductor company’s stock after selling 248 shares during the quarter. OneAscent Wealth Management LLC’s holdings in Synopsys were worth $322,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SNPS. Norges Bank acquired a new stake in shares of Synopsys in the 4th quarter valued at $1,272,143,000. Global Assets Advisory LLC bought a new stake in Synopsys during the 1st quarter worth about $282,876,000. Ameriprise Financial Inc. raised its holdings in Synopsys by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,041,275 shares of the semiconductor company’s stock worth $925,744,000 after purchasing an additional 344,430 shares during the last quarter. Wellington Management Group LLP raised its holdings in Synopsys by 228.8% during the 3rd quarter. Wellington Management Group LLP now owns 386,773 shares of the semiconductor company’s stock worth $177,517,000 after purchasing an additional 269,130 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Synopsys by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,551,092 shares of the semiconductor company’s stock worth $6,977,593,000 after purchasing an additional 203,601 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

Insiders Place Their Bets

In other news, insider John F. Runkel, Jr. sold 5,319 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the sale, the insider now directly owns 20,000 shares of the company’s stock, valued at approximately $11,587,400. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider John F. Runkel, Jr. sold 5,319 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total value of $3,081,669.03. Following the sale, the insider now directly owns 20,000 shares of the company’s stock, valued at $11,587,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.41, for a total value of $5,995,328.54. Following the sale, the chief executive officer now directly owns 62,568 shares in the company, valued at $36,440,228.88. The disclosure for this sale can be found here. Insiders have sold 35,658 shares of company stock worth $20,970,824 in the last 90 days. Company insiders own 0.66% of the company’s stock.

Synopsys Price Performance

SNPS stock opened at $595.06 on Friday. The stock 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 business’s fifty day moving average price is $569.90 and its two-hundred day moving average price is $556.39. Synopsys, Inc. has a fifty-two week low of $418.51 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data 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 return on equity of 22.66% and a net margin of 23.05%. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.76 EPS. Research analysts expect that Synopsys, Inc. will post 9.66 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SNPS shares. Piper Sandler reissued an “overweight” rating and set a $672.00 price objective (up from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research note on Thursday, May 23rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $615.00 price target on shares of Synopsys in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. upped their price target on Synopsys from $650.00 to $655.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus 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.