Bank of New York Mellon Corp reduced its position in Synopsys, Inc. (NASDAQ:SNPS) by 1.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,028,411 shares of the semiconductor company’s stock after selling 14,866 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of Synopsys worth $88,001,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Robecosam AG lifted its stake in shares of Synopsys by 22.4% during the second quarter. Robecosam AG now owns 3,000 shares of the semiconductor company’s stock worth $255,000 after buying an additional 550 shares during the period. Intrust Bank NA lifted its position in Synopsys by 11.9% during the second quarter. Intrust Bank NA now owns 5,681 shares of the semiconductor company’s stock valued at $486,000 after purchasing an additional 606 shares during the period. CIBC Asset Management Inc lifted its position in Synopsys by 3.0% during the second quarter. CIBC Asset Management Inc now owns 23,635 shares of the semiconductor company’s stock valued at $2,022,000 after purchasing an additional 683 shares during the period. Raymond James Trust N.A. lifted its position in Synopsys by 28.2% during the second quarter. Raymond James Trust N.A. now owns 3,179 shares of the semiconductor company’s stock valued at $272,000 after purchasing an additional 699 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its position in Synopsys by 0.3% during the second quarter. State Board of Administration of Florida Retirement System now owns 231,248 shares of the semiconductor company’s stock valued at $19,788,000 after purchasing an additional 756 shares during the period. 87.32% of the stock is currently owned by institutional investors and hedge funds.
SNPS has been the subject of a number of research reports. BidaskClub upgraded shares of Synopsys from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. Needham & Company LLC restated a “buy” rating and set a $105.00 target price (up from $100.00) on shares of Synopsys in a research report on Thursday, August 23rd. DA Davidson boosted their target price on shares of Synopsys to $110.00 and gave the company a “buy” rating in a research report on Thursday, August 23rd. JPMorgan Chase & Co. boosted their target price on shares of Synopsys to $98.00 and gave the company an “underweight” rating in a research report on Thursday, August 23rd. Finally, Zacks Investment Research upgraded shares of Synopsys from a “hold” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $107.00.
In other Synopsys news, CEO Chi-Foon Chan sold 3,609 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $101.85, for a total value of $367,576.65. Following the completion of the transaction, the chief executive officer now owns 202,135 shares in the company, valued at $20,587,449.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Joseph W. Logan sold 20,000 shares of the company’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $101.43, for a total transaction of $2,028,600.00. Following the completion of the transaction, the executive vice president now owns 88,271 shares of the company’s stock, valued at approximately $8,953,327.53. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,609 shares of company stock valued at $3,416,177. Insiders own 1.84% of the company’s stock.
NASDAQ SNPS opened at $93.35 on Friday. The firm has a market cap of $13.85 billion, a P/E ratio of 106.08, a price-to-earnings-growth ratio of 3.67 and a beta of 1.27. Synopsys, Inc. has a 1 year low of $80.13 and a 1 year high of $103.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.70 and a quick ratio of 0.70.
Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, August 22nd. The semiconductor company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.03. The company had revenue of $779.70 million during the quarter, compared to the consensus estimate of $773.61 million. Synopsys had a net margin of 1.92% and a return on equity of 5.52%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 earnings per share. On average, equities analysts predict that Synopsys, Inc. will post 1.57 EPS for the current fiscal year.
TRADEMARK VIOLATION NOTICE: This news story was posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this news story on another website, it was stolen and republished in violation of US and international trademark & copyright legislation. The legal version of this news story can be viewed at https://www.dispatchtribunal.com/2018/11/11/bank-of-new-york-mellon-corp-has-88-million-holdings-in-synopsys-inc-snps.html.
Synopsys, Inc provides electronic design automation (EDA) software products used to design and test integrated circuits (ICs). It offers Galaxy Design platform that offers IC design solutions; 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.
Featured Story: How much money do you need to begin day trading?
Receive News & Ratings for Synopsys Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synopsys and related companies with MarketBeat.com's FREE daily email newsletter.