Pictet Asset Management Holding SA Buys 673,837 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Pictet Asset Management Holding SA increased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 38.3% in the first quarter, Holdings Channel.com reports. The firm owned 2,432,596 shares of the semiconductor company’s stock after purchasing an additional 673,837 shares during the quarter. Synopsys makes up 1.2% of Pictet Asset Management Holding SA’s holdings, making the stock its 12th largest holding. Pictet Asset Management Holding SA’s holdings in Synopsys were worth $1,043,518,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Dynamic Advisor Solutions LLC bought a new position in shares of Synopsys during the first quarter worth approximately $1,000,000. Bancreek Capital Management LP bought a new stake in Synopsys in the fourth quarter valued at approximately $3,827,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Synopsys by 3.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company’s stock worth $8,651,000 after buying an additional 655 shares in the last quarter. Integrated Advisors Network LLC boosted its holdings in shares of Synopsys by 8.0% during the 1st quarter. Integrated Advisors Network LLC now owns 529 shares of the semiconductor company’s stock worth $227,000 after buying an additional 39 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Synopsys by 8.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,748 shares of the semiconductor company’s stock worth $2,894,000 after buying an additional 550 shares in the last quarter. 85.47% of the stock is owned by institutional investors.

Synopsys Stock Down 0.8%

Shares of SNPS traded down $4.43 during trading hours on Friday, reaching $584.58. The stock had a trading volume of 813,662 shares, compared to its average volume of 1,257,579. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $600.55. The firm has a 50-day simple moving average of $506.50 and a 200 day simple moving average of $482.28. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $90.70 billion, a price-to-earnings ratio of 41.99, a P/E/G ratio of 3.78 and a beta of 1.12.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results 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 17.09% and a net margin of 34.77%. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company posted $3.00 earnings per share. Synopsys’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts predict that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction 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 sale, the executive directly owned 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 legal filing with the SEC, which can be accessed through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction 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 sale, the chief executive officer directly owned 71,589 shares in the company, valued at $32,782,750.77. The trade was a 13.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,686 shares of company stock worth $13,001,048. 0.62% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SNPS shares. Needham & Company LLC restated a “buy” rating and set a $660.00 price target (up from $650.00) on shares of Synopsys in a report on Tuesday. Mizuho cut their price target on Synopsys from $650.00 to $600.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Rosenblatt Securities cut their price target on Synopsys from $660.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, May 29th. The Goldman Sachs Group started coverage on Synopsys in a report on Thursday, July 10th. They set a “buy” rating and a $620.00 price objective for the company. Finally, Stifel Nicolaus set a $550.00 price objective on Synopsys in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $617.67.

Synopsys Company 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.