State Treasurer State of Michigan increased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 43,100 shares of the semiconductor company’s stock after acquiring an additional 400 shares during the quarter. State Treasurer State of Michigan’s holdings in Synopsys were worth $4,963,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Cetera Advisor Networks LLC acquired a new position in shares of Synopsys in the 1st quarter valued at approximately $853,000. OLD National Bancorp IN acquired a new position in Synopsys during the 1st quarter worth approximately $289,000. Carillon Tower Advisers Inc. increased its position in Synopsys by 19.2% during the 1st quarter. Carillon Tower Advisers Inc. now owns 701,258 shares of the semiconductor company’s stock worth $80,749,000 after purchasing an additional 112,736 shares in the last quarter. California Public Employees Retirement System increased its position in Synopsys by 23.3% during the 1st quarter. California Public Employees Retirement System now owns 932,505 shares of the semiconductor company’s stock worth $107,378,000 after purchasing an additional 176,097 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Synopsys by 2.8% during the 1st quarter. Victory Capital Management Inc. now owns 1,235,349 shares of the semiconductor company’s stock worth $142,250,000 after purchasing an additional 33,932 shares in the last quarter. 91.17% of the stock is owned by institutional investors and hedge funds.
In other Synopsys news, VP Sudhindra Kankanwadi sold 2,085 shares of the business’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $102.71, for a total transaction of $214,150.35. Following the sale, the vice president now directly owns 10,387 shares of the company’s stock, valued at approximately $1,066,848.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Schwarz sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $117.61, for a total transaction of $1,176,100.00. Following the sale, the director now directly owns 16,491 shares in the company, valued at $1,939,506.51. The disclosure for this sale can be found here. Insiders have sold a total of 142,190 shares of company stock worth $14,729,218 over the last three months. Insiders own 1.84% of the company’s stock.
Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, February 20th. The semiconductor company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.51. Synopsys had a net margin of 18.59% and a return on equity of 17.23%. The firm had revenue of $820.40 million for the quarter, compared to analyst estimates of $796.30 million. During the same period in the previous year, the firm posted $1.10 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities research analysts anticipate that Synopsys, Inc. will post 3.17 EPS for the current fiscal year.
A number of equities analysts recently issued reports on SNPS shares. BidaskClub upgraded shares of Synopsys from a “sell” rating to a “hold” rating in a research report on Tuesday, January 29th. DA Davidson upped their price objective on shares of Synopsys to $125.00 and gave the stock a “positive” rating in a research report on Thursday, February 21st. Zacks Investment Research upgraded shares of Synopsys from a “hold” rating to a “strong-buy” rating and set a $117.00 price objective for the company in a research report on Monday, February 25th. Needham & Company LLC reiterated a “buy” rating and set a $120.00 price objective (up from $115.00) on shares of Synopsys in a research report on Thursday, March 28th. Finally, KeyCorp started coverage on shares of Synopsys in a research report on Wednesday, April 10th. They set an “overweight” rating and a $135.00 price objective for the company. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $121.10.
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Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; Verification Continuum Platform, which provides 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.
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