Park Avenue Securities LLC Reduces Stake in Synopsys, Inc. (NASDAQ:SNPS)

Park Avenue Securities LLC lowered its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 12.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 8,544 shares of the semiconductor company’s stock after selling 1,264 shares during the quarter. Park Avenue Securities LLC’s holdings in Synopsys were worth $4,327,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. ORG Partners LLC boosted its position in shares of Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 36 shares during the period. Chris Bulman Inc acquired a new stake in shares of Synopsys in the 2nd quarter valued at about $30,000. University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of Synopsys in the 4th quarter valued at about $28,000. Fortitude Family Office LLC boosted its position in shares of Synopsys by 66.7% in the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 24 shares during the period. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Synopsys in the 2nd quarter valued at about $40,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SNPS. Rosenblatt Securities reaffirmed a “buy” rating and set a $635.00 price objective on shares of Synopsys in a research report on Friday, August 23rd. KeyCorp increased their price objective on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price objective on shares of Synopsys in a research report on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $687.00 price objective on shares of Synopsys in a research report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. raised 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. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $638.00.

Synopsys Price Performance

NASDAQ SNPS opened at $499.12 on Friday. Synopsys, Inc. has a 1-year low of $448.91 and a 1-year high of $629.38. The company has a market capitalization of $76.67 billion, a P/E ratio of 54.25, a PEG ratio of 3.28 and a beta of 1.08. The business has a 50 day moving average price of $512.11 and a 200 day moving average price of $552.15.

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

Insider Activity at Synopsys

In other Synopsys news, insider Geus Aart De sold 8,648 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $620.29, for a total transaction of $5,364,267.92. Following the completion of the transaction, the insider now owns 106,983 shares of the company’s stock, valued at approximately $66,360,485.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $34,655,789.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Geus Aart De sold 8,648 shares of Synopsys stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $620.29, for a total value of $5,364,267.92. Following the completion of the sale, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $66,360,485.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,882 shares of company stock valued at $14,754,349 in the last ninety days. Corporate insiders own 0.66% of the company’s stock.

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.