Synopsys, Inc. (NASDAQ:SNPS) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 6.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,715 shares of the semiconductor company’s stock after acquiring an additional 1,494 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Synopsys were worth $12,515,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SNPS. ORG Partners LLC grew its holdings in Synopsys by 600.0% in the second quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 36 shares during the period. Pacifica Partners Inc. purchased a new stake in shares of Synopsys during the 3rd quarter valued at $25,000. Tsfg LLC increased its holdings in shares of Synopsys by 75.0% during the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock worth $28,000 after buying an additional 24 shares during the last quarter. Chris Bulman Inc purchased a new position in shares of Synopsys in the 2nd quarter worth $30,000. Finally, Hazlett Burt & Watson Inc. boosted its holdings in Synopsys by 40.0% in the third quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 20 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SNPS. Berenberg Bank assumed coverage on Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler decreased their price objective on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Wells Fargo & Company began coverage on shares of Synopsys in a research note on Friday. They issued an “equal weight” rating and a $570.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $640.00 price target on shares of Synopsys in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and an average price target of $644.36.

Synopsys Price Performance

Shares of Synopsys stock opened at $565.07 on Friday. Synopsys, Inc. has a 1-year low of $457.52 and a 1-year high of $629.38. The business has a 50-day moving average of $520.78 and a 200-day moving average of $545.69. The company has a market capitalization of $86.80 billion, a PE ratio of 58.62, a P/E/G ratio of 3.26 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data 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. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. Synopsys’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.17 EPS. On average, equities analysts expect that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Synopsys Profile

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.