Forsta AP Fonden cut its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,157 shares of the semiconductor company’s stock after selling 4,300 shares during the period. Forsta AP Fonden owned approximately 0.08% of Synopsys worth $8,617,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Capital Impact Advisors LLC bought a new stake in Synopsys during the first quarter worth about $1,244,000. Gateway Investment Advisers LLC bought a new stake in Synopsys during the first quarter worth about $787,000. National Pension Service raised its stake in Synopsys by 46,912.5% in the first quarter. National Pension Service now owns 153,731 shares of the semiconductor company’s stock worth $11,101,000 after buying an additional 153,404 shares during the last quarter. Gulf International Bank UK Ltd raised its stake in Synopsys by 0.4% in the first quarter. Gulf International Bank UK Ltd now owns 45,937 shares of the semiconductor company’s stock worth $3,313,000 after buying an additional 200 shares during the last quarter. Finally, Exxonmobil Investment Management Inc. TX bought a new stake in Synopsys during the first quarter worth about $2,411,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Synopsys, Inc. (NASDAQ:SNPS) opened at 76.27 on Friday. Synopsys, Inc. has a 12-month low of $55.44 and a 12-month high of $77.55. The stock’s 50 day moving average price is $75.20 and its 200-day moving average price is $72.33. The firm has a market capitalization of $11.46 billion, a P/E ratio of 42.61 and a beta of 1.02.
Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. The company had revenue of $680.07 million during the quarter, compared to analyst estimates of $672.40 million. Synopsys had a net margin of 10.74% and a return on equity of 11.16%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. On average, equities analysts expect that Synopsys, Inc. will post $3.28 EPS for the current year.
Synopsys declared that its board has authorized a share repurchase plan on Friday, June 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
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SNPS has been the subject of several analyst reports. BidaskClub upgraded Synopsys from a “hold” rating to a “buy” rating in a report on Monday, July 31st. Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating in a report on Tuesday, May 16th. J P Morgan Chase & Co reiterated an “average” rating on shares of Synopsys in a report on Friday, May 26th. Needham & Company LLC reiterated a “buy” rating and issued a $77.00 price target (up from $76.00) on shares of Synopsys in a report on Thursday, May 18th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $85.00 price target (up from $77.00) on shares of Synopsys in a report on Thursday, May 18th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Synopsys currently has a consensus rating of “Buy” and an average price target of $75.78.
In other news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the firm’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $71.00, for a total transaction of $710,000.00. Following the transaction, the general counsel now owns 18,239 shares in the company, valued at approximately $1,294,969. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Geus Aart De sold 264,000 shares of the firm’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $71.01, for a total transaction of $18,746,640.00. Following the transaction, the chairman now owns 220,133 shares in the company, valued at approximately $15,631,644.33. The disclosure for this sale can be found here. Insiders have sold a total of 304,246 shares of company stock worth $21,608,505 in the last 90 days. 1.82% of the stock is owned by insiders.
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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