Chesapeake Wealth Management Sells 226 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Chesapeake Wealth Management lowered its stake in Synopsys, Inc. (NASDAQ:SNPS) by 9.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,051 shares of the semiconductor company’s stock after selling 226 shares during the quarter. Chesapeake Wealth Management’s holdings in Synopsys were worth $1,220,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in SNPS. ORG Partners LLC grew its stake in Synopsys by 600.0% during the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 36 shares in the last quarter. University of Texas Texas AM Investment Managment Co. purchased a new stake in Synopsys in the 4th quarter worth approximately $28,000. Chris Bulman Inc bought a new position in Synopsys in the 2nd quarter valued at $30,000. Jones Financial Companies Lllp grew its position in shares of Synopsys by 233.3% during the 4th quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 42 shares in the last quarter. Finally, Fortitude Family Office LLC increased its holdings in shares of Synopsys by 66.7% in the second quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 24 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Buying and Selling at Synopsys

In other news, insider Geus Aart De sold 493 shares of the 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 sale, the insider now owns 106,983 shares of the company’s stock, valued at $66,393,649.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Geus Aart De sold 493 shares of Synopsys stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $620.60, for a total value of $305,955.80. Following the completion of the sale, the insider now owns 106,983 shares in the company, valued at $66,393,649.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,687 shares of company stock worth $44,616,637. 0.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

SNPS has been the subject of several recent analyst reports. KeyCorp boosted their target price on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reissued a “buy” rating and set a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research note on Thursday, August 22nd. JPMorgan Chase & Co. boosted their price target on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Piper Sandler reissued an “overweight” rating and issued a $687.00 price target on shares of Synopsys in a report on Thursday, August 22nd. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $630.09.

Synopsys Stock Down 1.5 %

Shares of NASDAQ:SNPS opened at $506.65 on Friday. The stock has a market cap of $77.63 billion, a PE ratio of 55.07, a PEG ratio of 3.29 and a beta of 1.08. The company’s fifty day moving average is $525.96 and its 200 day moving average is $556.71. Synopsys, Inc. has a 52 week low of $440.62 and a 52 week high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping the consensus estimate of $3.28 by $0.15. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.17 earnings per share. Sell-side analysts anticipate that Synopsys, Inc. will post 9.45 EPS for the current year.

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.