Truist Financial Corp Sells 123 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Truist Financial Corp cut its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,655 shares of the semiconductor company’s stock after selling 123 shares during the quarter. Truist Financial Corp’s holdings in Synopsys were worth $13,481,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SNPS. Swedbank AB acquired a new stake in shares of Synopsys during the first quarter worth approximately $1,051,637,000. Price T Rowe Associates Inc. MD raised its position in Synopsys by 39.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock valued at $3,050,441,000 after purchasing an additional 1,514,449 shares during the last quarter. GQG Partners LLC raised its position in Synopsys by 91.6% in the 1st quarter. GQG Partners LLC now owns 2,095,100 shares of the semiconductor company’s stock valued at $1,197,350,000 after purchasing an additional 1,001,371 shares during the last quarter. Sustainable Growth Advisers LP acquired a new position in Synopsys in the second quarter worth $572,050,000. Finally, Capital World Investors increased its stake in shares of Synopsys by 12.5% in the first quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock valued at $4,211,892,000 after buying an additional 818,485 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SNPS shares. Robert W. Baird upped their price target on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Piper Sandler reissued an “overweight” rating and issued a $687.00 price target on shares of Synopsys in a report on Thursday, August 22nd. JPMorgan Chase & Co. upped their price objective on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. KeyCorp lifted their target price on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $635.00 price target on shares of Synopsys in a research note on Friday, August 23rd. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Synopsys has an average rating of “Buy” and a consensus target price of $638.00.

Insider Buying and Selling

In other news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on 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 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 through the SEC website. In other Synopsys news, insider Geus Aart De sold 493 shares of the business’s 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 sale, the insider now owns 106,983 shares in the company, valued at approximately $66,393,649.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sassine Ghazi sold 10,293 shares of the firm’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 transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,882 shares of company stock valued at $14,754,349. 0.66% of the stock is owned by corporate insiders.

Synopsys Price Performance

Synopsys stock opened at $499.12 on Friday. The firm has a market capitalization of $76.47 billion, a price-to-earnings ratio of 54.25, a PEG ratio of 3.39 and a beta of 1.08. The company’s 50 day simple moving average is $512.11 and its 200 day simple moving average is $552.38. Synopsys, Inc. has a fifty-two week low of $448.91 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.28 by $0.15. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.17 EPS. As a group, analysts predict that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

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.