Fifth Third Wealth Advisors LLC Boosts Position in Synopsys, Inc. (NASDAQ:SNPS)

Fifth Third Wealth Advisors LLC boosted its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 9.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,472 shares of the semiconductor company’s stock after purchasing an additional 132 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Synopsys were worth $631,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SNPS. Ameriflex Group Inc. purchased a new position in Synopsys in the fourth quarter valued at approximately $29,000. Whipplewood Advisors LLC purchased a new stake in shares of Synopsys during the fourth quarter valued at approximately $33,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Synopsys during the fourth quarter valued at approximately $34,000. Sierra Ocean LLC purchased a new stake in shares of Synopsys during the fourth quarter valued at approximately $39,000. Finally, Hazlett Burt & Watson Inc. raised its stake in shares of Synopsys by 28.6% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Shares of SNPS opened at $466.15 on Tuesday. The business’s fifty day moving average price is $453.78 and its 200 day moving average price is $484.76. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $624.80. The stock has a market capitalization of $72.33 billion, a PE ratio of 32.10, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.27. Synopsys had a return on equity of 20.48% and a net margin of 36.12%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period last year, the business posted $3.00 earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, research analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SNPS shares. Bank of America dropped their price objective on shares of Synopsys from $630.00 to $560.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus set a $550.00 price objective on shares of Synopsys in a research note on Monday, April 28th. Piper Sandler reiterated an “overweight” rating and set a $615.00 price objective (down previously from $653.00) on shares of Synopsys in a research note on Thursday, May 29th. Needham & Company LLC reiterated a “buy” rating and set a $650.00 price objective on shares of Synopsys in a research note on Thursday, May 29th. Finally, Mizuho decreased their price target on shares of Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Synopsys currently has a consensus rating of “Moderate Buy” and a consensus price target of $609.64.

Insider Buying and Selling

In related news, insider Geus Aart De sold 15,705 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares in the company, valued at $51,850,925.82. This trade represents a 11.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.62% 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.