Great West Life Assurance Co. Can Reduces Stake in Synopsys, Inc. (NASDAQ:SNPS)

Great West Life Assurance Co. Can decreased its position in Synopsys, Inc. (NASDAQ:SNPS) by 29.7% during the second quarter, Holdings Channel reports. The institutional investor owned 149,314 shares of the semiconductor company’s stock after selling 63,035 shares during the period. Great West Life Assurance Co. Can’s holdings in Synopsys were worth $10,873,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SNPS. Vanguard Group Inc. boosted its stake in Synopsys by 21.6% in the first quarter. Vanguard Group Inc. now owns 15,031,207 shares of the semiconductor company’s stock worth $1,084,201,000 after buying an additional 2,672,954 shares in the last quarter. BlackRock Inc. boosted its stake in Synopsys by 3,273.6% in the first quarter. BlackRock Inc. now owns 12,796,224 shares of the semiconductor company’s stock worth $922,991,000 after buying an additional 12,416,921 shares in the last quarter. State Street Corp boosted its stake in Synopsys by 19.9% in the first quarter. State Street Corp now owns 7,240,263 shares of the semiconductor company’s stock worth $522,251,000 after buying an additional 1,201,269 shares in the last quarter. Swedbank boosted its stake in Synopsys by 10.4% in the second quarter. Swedbank now owns 2,082,579 shares of the semiconductor company’s stock worth $151,882,000 after buying an additional 195,582 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Synopsys by 8.7% in the first quarter. AQR Capital Management LLC now owns 2,046,089 shares of the semiconductor company’s stock worth $147,584,000 after buying an additional 163,681 shares in the last quarter. Institutional investors own 91.43% of the company’s stock.

Synopsys, Inc. (NASDAQ SNPS) opened at 76.85 on Thursday. The company’s 50-day moving average is $75.13 and its 200-day moving average is $72.20. The company has a market capitalization of $11.55 billion, a price-to-earnings ratio of 42.93 and a beta of 1.02. Synopsys, Inc. has a 52-week low of $55.44 and a 52-week high of $77.55.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.02. The business had revenue of $680.07 million for the quarter, compared to the consensus estimate of $672.40 million. Synopsys had a net margin of 10.74% and a return on equity of 11.16%. The company’s revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 earnings per share. On average, analysts expect that Synopsys, Inc. will post $3.28 earnings per share for the current fiscal year.

Synopsys announced that its board has approved a stock buyback plan on Friday, June 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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SNPS has been the subject of a number of research 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. BidaskClub cut shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Bank of America Corporation restated a “buy” rating and set a $87.00 target price (up previously from $80.00) 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 investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Synopsys has a consensus rating of “Buy” and a consensus target price of $75.78.

In other Synopsys news, CEO Chi-Foon Chan sold 3,750 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $70.96, for a total transaction of $266,100.00. Following the sale, the chief executive officer now directly owns 204,179 shares of the company’s stock, valued at $14,488,541.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Geus Aart De sold 264,000 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $71.01, for a total transaction of $18,746,640.00. Following the sale, the chairman now directly owns 220,133 shares in the company, valued at $15,631,644.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 304,246 shares of company stock worth $21,608,505. Insiders own 1.82% 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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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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