Hancock Whitney Corp Sells 121 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Hancock Whitney Corp cut its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,680 shares of the semiconductor company’s stock after selling 121 shares during the period. Hancock Whitney Corp’s holdings in Synopsys were worth $5,760,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kingsview Wealth Management LLC bought a new position in Synopsys in the first quarter valued at about $239,000. Concurrent Investment Advisors LLC acquired a new position in Synopsys during the 1st quarter valued at about $218,000. Bridgefront Capital LLC bought a new position in shares of Synopsys in the 4th quarter valued at about $951,000. Vanguard Group Inc. grew its position in shares of 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 buying an additional 203,601 shares during the period. Finally, Axxcess Wealth Management LLC raised its stake in shares of Synopsys by 44.9% during the first quarter. Axxcess Wealth Management LLC now owns 4,030 shares of the semiconductor company’s stock worth $2,303,000 after buying an additional 1,249 shares during the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Stock Performance

NASDAQ SNPS opened at $506.65 on Friday. The stock has a market cap of $77.63 billion, a price-to-earnings ratio of 55.07, a PEG ratio of 3.29 and a beta of 1.08. The business has a 50 day simple moving average of $525.96 and a 200 day simple moving average of $556.71. Synopsys, Inc. has a 52-week low of $440.62 and a 52-week high of $629.38.

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

Wall Street Analysts Forecast Growth

SNPS has been the topic of a number of recent research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $687.00 price objective on shares of Synopsys in a research note on Thursday, August 22nd. Robert W. Baird raised their price target on Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. JPMorgan Chase & Co. upped their price objective on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research report on Thursday, August 22nd. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $630.09.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the business’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 value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Geus Aart De sold 8,158 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 106,983 shares in the company, valued at approximately $64,466,885.97. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $553.89, for a total value 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 disclosure for this sale can be found here. Insiders have sold 73,687 shares of company stock valued at $44,616,637 in the last 90 days. 0.66% of the stock is currently owned by company insiders.

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.