Retirement Systems of Alabama Sells 888 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Retirement Systems of Alabama lessened its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 2.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,518 shares of the semiconductor company’s stock after selling 888 shares during the quarter. Retirement Systems of Alabama’s holdings in Synopsys were worth $17,259,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of SNPS. Gotham Asset Management LLC grew its stake in shares of Synopsys by 35.9% during the 3rd quarter. Gotham Asset Management LLC now owns 8,428 shares of the semiconductor company’s stock worth $3,868,000 after acquiring an additional 2,227 shares during the period. abrdn plc grew its stake in shares of Synopsys by 56.9% during the 4th quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock worth $43,442,000 after acquiring an additional 30,581 shares during the period. Comerica Bank bought a new position in shares of Synopsys during the 3rd quarter worth $14,203,000. Simplicity Solutions LLC grew its stake in shares of Synopsys by 55.5% during the 4th quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock worth $2,219,000 after acquiring an additional 1,539 shares during the period. Finally, Moody Lynn & Lieberson LLC bought a new position in shares of Synopsys during the 3rd quarter worth $1,606,000. Institutional investors own 85.47% of the company’s stock.

Analysts Set New Price Targets

SNPS has been the subject of several research reports. Rosenblatt Securities reiterated a “buy” rating and set a $615.00 price target on shares of Synopsys in a research note on Thursday, March 21st. Piper Sandler started coverage on Synopsys in a report on Thursday, April 4th. They set an “overweight” rating and a $665.00 price objective on the stock. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and set a $660.00 price objective on shares of Synopsys in a report on Friday, March 22nd. Finally, Robert W. Baird increased their price objective on Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Synopsys currently has a consensus rating of “Buy” and an average target price of $601.00.

Insider Activity

In related news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the transaction, the chief executive officer now directly owns 61,863 shares in the company, valued at approximately $35,726,501.13. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider John F. Runkel, Jr. sold 1,219 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $583.95, for a total value of $711,835.05. Following the completion of the transaction, the insider now owns 26,780 shares in the company, valued at approximately $15,638,181. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following the transaction, the chief executive officer now owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,832 shares of company stock worth $15,464,992. 0.66% of the stock is currently owned by insiders.

Synopsys Stock Down 2.6 %

NASDAQ:SNPS opened at $530.59 on Wednesday. The business’s 50-day moving average price is $563.22 and its two-hundred day moving average price is $537.21. Synopsys, Inc. has a twelve month low of $365.46 and a twelve month high of $629.38. The stock has a market cap of $80.91 billion, a P/E ratio of 58.44, a PEG ratio of 3.18 and a beta of 1.06.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.43 by $0.13. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the firm posted $1.75 EPS. The company’s revenue was up 21.1% compared to the same quarter last year. On average, equities research analysts expect that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

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.