California Public Employees Retirement System Purchases 50,193 Shares of Synopsys, Inc. (NASDAQ:SNPS)

California Public Employees Retirement System raised its position in Synopsys, Inc. (NASDAQ:SNPS) by 11.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 506,140 shares of the semiconductor company’s stock after acquiring an additional 50,193 shares during the quarter. California Public Employees Retirement System’s holdings in Synopsys were worth $260,617,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Fred Alger Management LLC raised its stake in shares of Synopsys by 1.8% in the third quarter. Fred Alger Management LLC now owns 1,150 shares of the semiconductor company’s stock worth $528,000 after buying an additional 20 shares during the period. UMB Bank n.a. raised its stake in shares of Synopsys by 1.3% in the third quarter. UMB Bank n.a. now owns 1,719 shares of the semiconductor company’s stock worth $789,000 after buying an additional 22 shares during the period. Obermeyer Wood Investment Counsel Lllp raised its stake in shares of Synopsys by 2.6% in the third quarter. Obermeyer Wood Investment Counsel Lllp now owns 859 shares of the semiconductor company’s stock worth $394,000 after buying an additional 22 shares during the period. Synovus Financial Corp raised its stake in shares of Synopsys by 0.7% in the third quarter. Synovus Financial Corp now owns 3,370 shares of the semiconductor company’s stock worth $1,547,000 after buying an additional 23 shares during the period. Finally, CENTRAL TRUST Co raised its stake in shares of Synopsys by 4.0% in the third quarter. CENTRAL TRUST Co now owns 653 shares of the semiconductor company’s stock worth $300,000 after buying an additional 25 shares during the period. Institutional investors own 85.47% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at Synopsys

In other news, CEO Sassine Ghazi sold 10,294 shares of the 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 sale, the chief executive officer now owns 61,863 shares of the company’s stock, valued at $35,726,501.13. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider John F. Runkel, Jr. sold 5,319 shares of the stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total value of $3,081,669.03. Following the sale, the insider now owns 20,000 shares of the company’s stock, valued at $11,587,400. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the completion of the sale, the chief executive officer now directly owns 61,863 shares in the company, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. Insiders have sold a total of 26,832 shares of company stock valued at $15,464,992 over the last 90 days. 0.66% of the stock is owned by corporate insiders.

Synopsys Stock Up 2.6 %

Synopsys stock traded up $13.36 during mid-day trading on Tuesday, reaching $528.85. 392,232 shares of the company’s stock traded hands, compared to its average volume of 1,226,862. The company has a market cap of $80.65 billion, a price-to-earnings ratio of 56.77, a PEG ratio of 2.98 and a beta of 1.06. The stock has a 50 day moving average of $565.59 and a two-hundred day moving average of $535.24. Synopsys, Inc. has a 12-month low of $360.36 and a 12-month high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.43 by $0.13. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.65 billion. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. Synopsys’s revenue was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.75 earnings per share. As a group, sell-side analysts forecast that Synopsys, Inc. will post 9.78 earnings per share for the current year.

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.