SteelPeak Wealth LLC Acquires 400 Shares of Synopsys, Inc. (NASDAQ:SNPS)

SteelPeak Wealth LLC increased its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 66.7% during the 1st quarter, HoldingsChannel reports. The firm owned 1,000 shares of the semiconductor company’s stock after buying an additional 400 shares during the period. SteelPeak Wealth LLC’s holdings in Synopsys were worth $572,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Coldstream Capital Management Inc. increased its position in Synopsys by 0.8% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,195 shares of the semiconductor company’s stock valued at $1,130,000 after acquiring an additional 18 shares during the last quarter. Mission Wealth Management LP increased its position in Synopsys by 2.5% during the fourth quarter. Mission Wealth Management LP now owns 780 shares of the semiconductor company’s stock valued at $401,000 after acquiring an additional 19 shares during the last quarter. Fred Alger Management LLC increased its position in Synopsys by 1.8% during the third quarter. Fred Alger Management LLC now owns 1,150 shares of the semiconductor company’s stock valued at $528,000 after acquiring an additional 20 shares during the last quarter. Ignite Planners LLC increased its position in Synopsys by 3.5% during the first quarter. Ignite Planners LLC now owns 596 shares of the semiconductor company’s stock valued at $344,000 after acquiring an additional 20 shares during the last quarter. Finally, Allstate Corp increased its position in Synopsys by 4.7% during the fourth quarter. Allstate Corp now owns 468 shares of the semiconductor company’s stock valued at $241,000 after acquiring an additional 21 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

Analysts Set New Price Targets

SNPS has been the topic of a number of analyst reports. Piper Sandler reiterated an “overweight” rating and set a $672.00 price objective (up previously from $665.00) on shares of Synopsys in a research report on Thursday, May 23rd. Needham & Company LLC reissued a “buy” rating and set a $660.00 target price on shares of Synopsys in a research note on Thursday, May 23rd. Robert W. Baird boosted their target price on shares of Synopsys from $640.00 to $645.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Finally, KeyCorp boosted their target price on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a research note on Thursday. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $624.36.

Insider Activity

In other news, insider John F. Runkel, Jr. sold 5,319 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the transaction, the insider now owns 20,000 shares in the company, valued at $11,587,400. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Geus Aart De sold 4,212 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $600.05, for a total value of $2,527,410.60. Following the transaction, the insider now owns 106,983 shares in the company, valued at approximately $64,195,149.15. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider John F. Runkel, Jr. sold 5,319 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $579.37, for a total transaction of $3,081,669.03. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,587,400. The disclosure for this sale can be found here. Insiders have sold a total of 35,658 shares of company stock worth $20,970,824 over the last 90 days. 0.66% of the stock is currently owned by corporate insiders.

Synopsys Price Performance

Shares of SNPS stock traded up $0.06 during mid-day trading on Friday, hitting $595.06. 1,019,091 shares of the stock traded hands, compared to its average volume of 868,943. The stock has a market cap of $91.18 billion, a P/E ratio of 64.68, a P/E/G ratio of 3.84 and a beta of 1.08. The stock’s fifty day moving average is $569.90 and its two-hundred day moving average is $556.31. Synopsys, Inc. has a 52-week low of $418.51 and a 52-week high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.03 by ($0.03). Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the company earned $1.76 EPS. The business’s revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts forecast that Synopsys, Inc. will post 9.66 EPS for the current fiscal year.

About Synopsys

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.