Rep. Byron Donalds Sells Off Shares of Synopsys, Inc. (NASDAQ:SNPS)

Representative Byron Donalds (R-Florida) recently sold shares of Synopsys, Inc. (NASDAQ:SNPS). In a filing disclosed on November 07th, the Representative disclosed that they had sold between $1,001 and $15,000 in Synopsys stock on October 1st. The trade occurred in the Representative’s “MORAN WEALTH IRA” account.

Representative Byron Donalds also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of McKesson (NYSE:MCK) on 10/1/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/1/2024.
• Purchased $1,001 – $15,000 in shares of NU (NYSE:NU) on 10/1/2024.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $561.55 on Friday. The business’s 50 day moving average is $507.77 and its two-hundred day moving average is $544.81. Synopsys, Inc. has a 1-year low of $457.52 and a 1-year high of $629.38. The stock has a market capitalization of $86.26 billion, a P/E ratio of 58.25, a PEG ratio of 3.37 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, topping 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 company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the previous year, the firm posted $2.17 earnings per share. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, equities research analysts anticipate that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 62,568 shares in the company, valued at $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Berenberg Bank assumed coverage on Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 target price for the company. JPMorgan Chase & Co. boosted their target price on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC restated a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. Piper Sandler dropped their target price on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Finally, Rosenblatt Securities restated a “buy” rating and set a $635.00 target price on shares of Synopsys in a research report on Friday, August 23rd. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $643.00.

Institutional Trading of Synopsys

A number of hedge funds have recently bought and sold shares of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Synopsys by 12.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 40,252 shares of the semiconductor company’s stock worth $20,383,000 after buying an additional 4,463 shares during the period. King Luther Capital Management Corp lifted its holdings in Synopsys by 22.1% during the third quarter. King Luther Capital Management Corp now owns 11,372 shares of the semiconductor company’s stock worth $5,759,000 after buying an additional 2,059 shares during the period. Cornerstone Advisors LLC lifted its holdings in Synopsys by 40.0% during the third quarter. Cornerstone Advisors LLC now owns 2,800 shares of the semiconductor company’s stock worth $1,418,000 after buying an additional 800 shares during the period. Citizens Financial Group Inc. RI purchased a new stake in Synopsys during the third quarter worth $229,000. Finally, Moran Wealth Management LLC lifted its holdings in Synopsys by 5.3% during the third quarter. Moran Wealth Management LLC now owns 21,442 shares of the semiconductor company’s stock worth $10,858,000 after buying an additional 1,085 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

About Representative Donalds

Byron Donalds (Republican Party) is a member of the U.S. House, representing Florida’s 19th Congressional District. He assumed office on January 3, 2021. His current term ends on January 3, 2025. Donalds (Republican Party) is running for re-election to the U.S. House to represent Florida’s 19th Congressional District. He declared candidacy for the Republican primary scheduled on August 20, 2024. Donalds was a potential 2014 Republican candidate seeking election to the U.S. House to represent the 19th Congressional District of Florida. Donalds filed campaign finance reports with the Federal Election Commission but failed to file a statement of candidacy with the FEC or Florida Division of Elections. He was a 2012 Republican candidate who sought election to the U.S. House to represent the 19th Congressional District of Florida. Donalds was defeated by Trey Radel in the Republican primary on August 14, 2012. Byron Donalds was born in Brooklyn, New York, and lives in Naples, Florida. Donalds earned a bachelor’s degree in finance and marketing from Florida State University in 2002. His career experience includes working as a commercial credit officer in banking and as a portfolio manager in financial services.

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.