Kentucky Retirement Systems Sells 88 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Kentucky Retirement Systems cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 0.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,495 shares of the semiconductor company’s stock after selling 88 shares during the quarter. Kentucky Retirement Systems’ holdings in Synopsys were worth $6,840,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. 9258 Wealth Management LLC boosted its position in shares of Synopsys by 1.1% in the 4th quarter. 9258 Wealth Management LLC now owns 2,908 shares of the semiconductor company’s stock worth $1,497,000 after purchasing an additional 32 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of Synopsys by 6.4% in the fourth quarter. Brown Advisory Inc. now owns 2,104 shares of the semiconductor company’s stock worth $1,083,000 after acquiring an additional 127 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Synopsys by 0.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 17,651 shares of the semiconductor company’s stock valued at $9,089,000 after acquiring an additional 104 shares in the last quarter. Coldstream Capital Management Inc. raised its position in shares of Synopsys by 0.8% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,195 shares of the semiconductor company’s stock worth $1,130,000 after purchasing an additional 18 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its stake in Synopsys by 1.1% in the 4th quarter. Corient Private Wealth LLC now owns 89,887 shares of the semiconductor company’s stock worth $46,284,000 after purchasing an additional 999 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $640.00 price objective on shares of Synopsys in a research note on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and issued a $687.00 price objective on shares of Synopsys in a report on Thursday, August 22nd. KeyCorp upped their price objective on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird lifted their target price on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. upped their price target on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Synopsys presently has an average rating of “Buy” and an average price target of $630.09.

Synopsys Stock Performance

Shares of SNPS opened at $495.95 on Thursday. Synopsys, Inc. has a one year low of $440.62 and a one year high of $629.38. The stock has a 50-day moving average of $530.00 and a two-hundred day moving average of $557.62. The stock has a market cap of $75.99 billion, a P/E ratio of 53.91, a P/E/G ratio of 3.23 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, topping analysts’ consensus estimates of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the firm posted $2.17 EPS. Synopsys’s quarterly revenue was up 12.7% compared to the same quarter last year. Analysts predict that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Geus Aart De sold 8,158 shares of Synopsys stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $602.59, for a total transaction of $4,915,929.22. Following the sale, the insider now owns 106,983 shares of the company’s stock, valued at approximately $64,466,885.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the sale, the chief executive officer now owns 62,568 shares in the company, valued at approximately $34,655,789.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Geus Aart De sold 8,158 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $602.59, for a total transaction of $4,915,929.22. Following the completion of the sale, the insider now owns 106,983 shares in the company, valued at $64,466,885.97. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,687 shares of company stock valued at $44,616,637. Insiders own 0.66% of the company’s stock.

Synopsys 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.