Grandfield & Dodd LLC boosted its stake in shares of Synopsys Inc. (NASDAQ:SNPS) by 0.6% during the second quarter, Holdings Channel reports. The fund owned 146,256 shares of the company’s stock after buying an additional 887 shares during the period. Grandfield & Dodd LLC’s holdings in Synopsys were worth $7,910,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Invictus RG boosted its position in shares of Synopsys by 751.3% in the first quarter. Invictus RG now owns 2,869 shares of the company’s stock valued at $139,000 after buying an additional 2,532 shares during the period. Calamos Advisors LLC bought a new position in shares of Synopsys during the second quarter valued at $211,000. Meeder Asset Management Inc. bought a new position in shares of Synopsys during the second quarter valued at $219,000. Optimum Investment Advisors boosted its position in shares of Synopsys by 2.4% in the first quarter. Optimum Investment Advisors now owns 6,500 shares of the company’s stock valued at $315,000 after buying an additional 150 shares during the period. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Synopsys during the first quarter valued at $392,000. Hedge funds and other institutional investors own 91.01% of the company’s stock.
Synopsys Inc. (NASDAQ:SNPS) traded down 0.20% during trading on Tuesday, reaching $58.79. The company had a trading volume of 832,298 shares. Synopsys Inc. has a one year low of $39.26 and a one year high of $60.00. The firm has a market capitalization of $8.90 billion, a P/E ratio of 37.49 and a beta of 0.89. The firm’s 50-day moving average price is $58.72 and its 200 day moving average price is $53.14.
Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 17th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.74 by $0.02. Synopsys had a return on equity of 12.15% and a net margin of 10.27%. The business had revenue of $615.20 million for the quarter, compared to the consensus estimate of $602.89 million. During the same period last year, the business posted $0.63 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. Equities analysts forecast that Synopsys Inc. will post $3.02 earnings per share for the current fiscal year.
SNPS has been the subject of several recent research reports. Needham & Company LLC lifted their price target on Synopsys from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, August 18th. DA Davidson lifted their price target on Synopsys from $60.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, August 18th. Zacks Investment Research upgraded Synopsys from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research report on Tuesday, July 12th. Benchmark Co. lifted their price target on Synopsys from $50.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, August 18th. Finally, Royal Bank Of Canada initiated coverage on Synopsys in a research report on Monday, June 6th. They issued an “outperform” rating and a $64.00 price target for the company. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Synopsys currently has an average rating of “Buy” and a consensus price target of $61.00.
In other news, Chairman Geus Aart De sold 306,000 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $58.39, for a total transaction of $17,867,340.00. Following the transaction, the chairman now directly owns 159,791 shares of the company’s stock, valued at approximately $9,330,196.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Chi-Foon Chan sold 2,000 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $58.23, for a total value of $116,460.00. Following the transaction, the chief executive officer now directly owns 193,935 shares in the company, valued at $11,292,835.05. The disclosure for this sale can be found here. Company insiders own 1.62% of the company’s stock.
Synopsys Company Profile
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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