AMI Asset Management Corp Sells 2,340 Shares of Synopsys, Inc. (NASDAQ:SNPS)

AMI Asset Management Corp reduced its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.7% during the first quarter, HoldingsChannel reports. The firm owned 60,551 shares of the semiconductor company’s stock after selling 2,340 shares during the period. AMI Asset Management Corp’s holdings in Synopsys were worth $25,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Capital Management LLC increased its position in shares of Synopsys by 2.3% during the 4th quarter. Advisors Capital Management LLC now owns 840 shares of the semiconductor company’s stock valued at $408,000 after purchasing an additional 19 shares during the last quarter. Barden Capital Management Inc. increased its position in shares of Synopsys by 1.1% during the 4th quarter. Barden Capital Management Inc. now owns 1,832 shares of the semiconductor company’s stock valued at $889,000 after purchasing an additional 20 shares during the last quarter. Hazlett Burt & Watson Inc. grew its position in Synopsys by 28.6% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 20 shares during the last quarter. Peninsula Wealth LLC grew its position in Synopsys by 0.5% in the 4th quarter. Peninsula Wealth LLC now owns 4,224 shares of the semiconductor company’s stock valued at $2,050,000 after acquiring an additional 20 shares during the last quarter. Finally, Williams Jones Wealth Management LLC. grew its position in Synopsys by 0.5% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 4,650 shares of the semiconductor company’s stock valued at $2,257,000 after acquiring an additional 22 shares during the last quarter. 85.47% of the stock is owned by institutional investors.

Insider Activity

In related news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the transaction, the executive now owns 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Shelagh Glaser sold 7,310 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the sale, the chief financial officer now directly owns 15,291 shares of the company’s stock, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,686 shares of company stock worth $13,001,048 over the last quarter. 0.62% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SNPS has been the topic of several research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Mizuho cut their price objective on Synopsys from $650.00 to $600.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price objective on shares of Synopsys in a research report on Thursday, May 29th. Stifel Nicolaus set a $550.00 price objective on Synopsys in a research report on Monday, April 28th. Finally, Wells Fargo & Company lowered their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $607.14.

Synopsys Stock Performance

Shares of SNPS stock opened at $487.27 on Thursday. The company has a market capitalization of $75.60 billion, a P/E ratio of 35.18, a P/E/G ratio of 3.16 and a beta of 1.11. The business’s 50 day moving average is $475.90 and its two-hundred day moving average is $477.69. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $624.80.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.27. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business posted $3.00 earnings per share. Analysts expect that Synopsys, Inc. will post 10.64 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.