Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 24.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,825 shares of the semiconductor company’s stock after selling 16,968 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Synopsys were worth $27,257,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Sunbelt Securities Inc. increased its holdings in shares of Synopsys by 552.6% in the 1st quarter. Sunbelt Securities Inc. now owns 124 shares of the semiconductor company’s stock valued at $71,000 after acquiring an additional 105 shares during the last quarter. Brookstone Capital Management purchased a new position in Synopsys in the first quarter valued at approximately $400,000. Janiczek Wealth Management LLC lifted its position in shares of Synopsys by 9.0% during the 1st quarter. Janiczek Wealth Management LLC now owns 483 shares of the semiconductor company’s stock worth $276,000 after buying an additional 40 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Synopsys by 54.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,867 shares of the semiconductor company’s stock valued at $15,926,000 after buying an additional 9,878 shares in the last quarter. Finally, Dohj LLC grew its position in shares of Synopsys by 118.0% in the 1st quarter. Dohj LLC now owns 1,430 shares of the semiconductor company’s stock valued at $817,000 after buying an additional 774 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

Shares of Synopsys stock opened at $493.41 on Thursday. Synopsys, Inc. has a one year low of $448.91 and a one year high of $629.38. The company has a market cap of $75.60 billion, a P/E ratio of 53.63, a PEG ratio of 3.47 and a beta of 1.08. The firm has a fifty day moving average of $510.44 and a two-hundred day moving average of $546.23.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the company posted $2.17 earnings per share. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, equities analysts predict that Synopsys, Inc. will post 9.45 earnings per share for the current year.

Insider Activity

In related news, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the transaction, the chief executive officer now owns 62,568 shares of the company’s stock, valued at $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

SNPS has been the subject of a number of research reports. Robert W. Baird boosted their price target on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $687.00 price target on shares of Synopsys in a research report on Thursday, August 22nd. KeyCorp increased their price objective on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Berenberg Bank started coverage on shares of Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price on the stock. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $644.55.

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.