Public Employees Retirement Association of Colorado decreased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 30,146 shares of the semiconductor company’s stock after selling 82 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Synopsys were worth $2,199,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of SNPS. Teachers Advisors LLC boosted its position in Synopsys by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 254,062 shares of the semiconductor company’s stock valued at $14,954,000 after buying an additional 11,127 shares in the last quarter. Chevy Chase Trust Holdings Inc. bought a new position in Synopsys during the first quarter valued at about $9,392,000. Raymond James Trust N.A. bought a new position in Synopsys during the first quarter valued at about $257,000. Exxonmobil Investment Management Inc. TX bought a new position in Synopsys during the first quarter valued at about $2,411,000. Finally, Gulf International Bank UK Ltd boosted its position in Synopsys by 0.4% in the first quarter. Gulf International Bank UK Ltd now owns 45,937 shares of the semiconductor company’s stock valued at $3,313,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.
Synopsys, Inc. (NASDAQ:SNPS) opened at 76.85 on Thursday. Synopsys, Inc. has a 52 week low of $55.44 and a 52 week high of $77.55. The stock has a 50 day moving average of $75.13 and a 200 day moving average of $72.20. The company has a market cap of $11.55 billion, a PE ratio of 42.93 and a beta of 1.02.
Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.02. Synopsys had a return on equity of 11.16% and a net margin of 10.74%. The company had revenue of $680.07 million during the quarter, compared to the consensus estimate of $672.40 million. During the same period in the previous year, the company posted $0.81 earnings per share. Synopsys’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities research analysts predict that Synopsys, Inc. will post $3.28 EPS for the current fiscal year.
Synopsys declared that its Board of Directors has initiated a share buyback plan on Friday, June 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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SNPS has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $76.00 target price on shares of Synopsys in a research note on Monday, April 17th. Zacks Investment Research cut shares of Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Royal Bank Of Canada restated an “outperform” rating and set a $85.00 target price (up previously from $77.00) on shares of Synopsys in a research note on Thursday, May 18th. Pacific Crest restated an “overweight” rating and set a $86.00 target price (up previously from $78.00) on shares of Synopsys in a research note on Friday, May 19th. Finally, DA Davidson restated a “buy” rating and set a $85.00 target price (up previously from $77.00) on shares of Synopsys in a research note on Friday, May 19th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Synopsys currently has a consensus rating of “Buy” and a consensus price target of $75.78.
In other Synopsys news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $71.00, for a total value of $710,000.00. Following the completion of the transaction, the general counsel now directly owns 18,239 shares of the company’s stock, valued at $1,294,969. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chi-Foon Chan sold 3,750 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $70.96, for a total value of $266,100.00. Following the completion of the transaction, the chief executive officer now directly owns 204,179 shares of the company’s stock, valued at $14,488,541.84. The disclosure for this sale can be found here. Insiders sold 304,246 shares of company stock valued at $21,608,505 over the last three months. 1.82% of the stock is currently owned by corporate insiders.
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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