Spectrum Wealth Counsel LLC Reduces Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Spectrum Wealth Counsel LLC cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 1.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 6,389 shares of the semiconductor company’s stock after selling 100 shares during the quarter. Spectrum Wealth Counsel LLC’s holdings in Synopsys were worth $3,802,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Prosperity Consulting Group LLC raised its position in Synopsys by 26.4% during the second quarter. Prosperity Consulting Group LLC now owns 1,000 shares of the semiconductor company’s stock worth $595,000 after acquiring an additional 209 shares during the last quarter. Inspire Advisors LLC acquired a new position in shares of Synopsys during the 2nd quarter worth approximately $322,000. Envestnet Asset Management Inc. lifted its stake in Synopsys by 3.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 164,569 shares of the semiconductor company’s stock valued at $97,929,000 after buying an additional 5,236 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Synopsys by 33.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 22,863 shares of the semiconductor company’s stock valued at $13,605,000 after buying an additional 5,727 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its position in Synopsys by 190.2% during the second quarter. Thoroughbred Financial Services LLC now owns 3,375 shares of the semiconductor company’s stock worth $2,008,000 after buying an additional 2,212 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SNPS. Robert W. Baird increased their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $635.00 price target on shares of Synopsys in a report on Friday, August 23rd. KeyCorp raised their target price on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Piper Sandler reissued an “overweight” rating and set a $687.00 price target on shares of Synopsys in a research note on Thursday, August 22nd. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $630.09.

Insiders Place Their Bets

In other news, insider Geus Aart De sold 27,753 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $618.58, for a total value of $17,167,450.74. Following the transaction, the insider now owns 106,983 shares of the company’s stock, valued at approximately $66,177,544.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Synopsys news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of the transaction, the chief executive officer now owns 62,568 shares in the company, valued at approximately $34,655,789.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Geus Aart De sold 27,753 shares of Synopsys stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $618.58, for a total transaction of $17,167,450.74. Following the sale, the insider now owns 106,983 shares in the company, valued at approximately $66,177,544.14. The disclosure for this sale can be found here. Insiders sold a total of 73,687 shares of company stock worth $44,616,637 over the last ninety days. 0.66% of the stock is owned by company insiders.

Synopsys Stock Up 0.2 %

SNPS stock opened at $490.07 on Friday. Synopsys, Inc. has a 52 week low of $440.62 and a 52 week high of $629.38. The company has a market cap of $75.28 billion, a price-to-earnings ratio of 53.27, a PEG ratio of 3.18 and a beta of 1.08. The business has a fifty day simple moving average of $536.92 and a 200-day simple moving average of $559.29.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the company posted $2.17 EPS. The company’s revenue was up 12.7% compared to the same quarter last year. As a group, analysts expect that Synopsys, Inc. will post 9.45 earnings per share 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.