State of New Jersey Common Pension Fund D reduced its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 9.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,600 shares of the semiconductor company’s stock after selling 14,100 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Synopsys were worth $9,962,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. YorkBridge Wealth Partners LLC raised its position in Synopsys by 6.6% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,487 shares of the semiconductor company’s stock valued at $110,000 after buying an additional 92 shares during the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in Synopsys during the first quarter valued at $121,000. Robecosam AG raised its position in Synopsys by 10.0% in the first quarter. Robecosam AG now owns 2,200 shares of the semiconductor company’s stock valued at $159,000 after buying an additional 200 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in Synopsys by 101.5% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,216 shares of the semiconductor company’s stock valued at $160,000 after buying an additional 1,116 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its position in Synopsys by 14.4% in the first quarter. SRS Capital Advisors Inc. now owns 2,226 shares of the semiconductor company’s stock valued at $160,000 after buying an additional 281 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors.
Shares of Synopsys, Inc. (NASDAQ SNPS) opened at 76.85 on Thursday. The firm has a market capitalization of $11.55 billion, a P/E ratio of 42.93 and a beta of 1.02. The firm’s 50-day moving average is $75.13 and its 200 day moving average is $72.20. Synopsys, Inc. has a one year low of $55.44 and a one year high of $77.55.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02. The firm had revenue of $680.07 million for the quarter, compared to analysts’ expectations of $672.40 million. Synopsys had a return on equity of 11.16% and a net margin of 10.74%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 EPS. Equities research analysts predict that Synopsys, Inc. will post $3.28 earnings per share for the current year.
Synopsys declared that its board has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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Several research analysts recently weighed in on SNPS shares. Zacks Investment Research lowered shares of Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Needham & Company LLC reissued a “buy” rating and set a $76.00 price objective on shares of Synopsys in a research note on Monday, April 17th. BidaskClub lowered shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Pacific Crest reissued an “overweight” rating and set a $86.00 price objective (up previously from $78.00) on shares of Synopsys in a research note on Friday, May 19th. Finally, DA Davidson reissued a “buy” rating and set a $85.00 price objective (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 issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $75.78.
In other Synopsys news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $71.00, for a total transaction of $710,000.00. Following the transaction, the general counsel now directly owns 18,239 shares in the company, valued at approximately $1,294,969. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph W. Logan sold 5,000 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $71.05, for a total value of $355,250.00. Following the transaction, the executive vice president now owns 68,793 shares in the company, valued at $4,887,742.65. The disclosure for this sale can be found here. Insiders have sold a total of 304,246 shares of company stock worth $21,608,505 over the last 90 days. Company insiders own 1.82% of the company’s stock.
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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