iA Global Asset Management Inc. Boosts Stake in Synopsys, Inc. (NASDAQ:SNPS)

iA Global Asset Management Inc. boosted its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 2.2% in the first quarter, Holdings Channel reports. The fund owned 32,660 shares of the semiconductor company’s stock after purchasing an additional 713 shares during the quarter. iA Global Asset Management Inc.’s holdings in Synopsys were worth $14,006,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. North Star Asset Management Inc. increased its position in Synopsys by 3.6% during the first quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company’s stock valued at $25,847,000 after acquiring an additional 2,082 shares during the last quarter. SlateStone Wealth LLC increased its position in Synopsys by 467.8% during the first quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company’s stock valued at $4,383,000 after acquiring an additional 8,420 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Synopsys during the first quarter valued at about $1,000,000. Wealth Enhancement Advisory Services LLC grew its holdings in Synopsys by 3.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company’s stock valued at $8,651,000 after purchasing an additional 655 shares during the period. Finally, Banque Cantonale Vaudoise bought a new stake in Synopsys during the first quarter valued at about $3,116,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Buying and Selling

In other news, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the transaction, the executive directly owned 1,485 shares in the company, valued at $699,746.85. This trade represents a 85.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $457.93, for a total transaction of $5,204,832.38. Following the completion of the transaction, the chief executive officer owned 71,589 shares of the company’s stock, valued at $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. 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 owned by company insiders.

Analyst Upgrades and Downgrades

SNPS has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and set a $660.00 price target (up previously from $650.00) on shares of Synopsys in a report on Tuesday, July 15th. Piper Sandler upped their price objective on Synopsys from $615.00 to $660.00 and gave the stock an “overweight” rating in a research note on Monday, July 21st. Rosenblatt Securities upped their price objective on Synopsys from $625.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. KeyCorp upped their price objective on Synopsys from $540.00 to $610.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Finally, Stifel Nicolaus set a $550.00 target price on Synopsys in a research report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $622.33.

Synopsys Trading Up 2.8%

Shares of SNPS stock opened at $636.02 on Tuesday. The business has a fifty day simple moving average of $532.39 and a 200-day simple moving average of $491.96. The stock has a market cap of $98.69 billion, a P/E ratio of 45.92, a P/E/G ratio of 4.09 and a beta of 1.15. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. Synopsys, Inc. has a fifty-two week low of $365.74 and a fifty-two week high of $651.73.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.27. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the prior year, the company earned $3.00 EPS. The firm’s revenue was up 10.3% on a year-over-year basis. On average, analysts forecast that Synopsys, Inc. will post 10.64 earnings per share 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.