ICICI Prudential Asset Management Co Ltd Raises Position in Synopsys, Inc. (NASDAQ:SNPS)

Posted by Erica Schwartz on Aug 6th, 2022

ICICI Prudential Asset Management Co Ltd lifted its stake in Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 17.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 440 shares of the semiconductor company’s stock after acquiring an additional 64 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Synopsys were worth $146,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Curi Wealth Management LLC acquired a new position in shares of Synopsys in the fourth quarter worth about $26,000. Confluence Wealth Services Inc. acquired a new position in shares of Synopsys in the fourth quarter worth about $31,000. Industrial Alliance Investment Management Inc. acquired a new position in shares of Synopsys in the fourth quarter worth about $36,000. Geneos Wealth Management Inc. lifted its stake in shares of Synopsys by 105.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 109 shares of the semiconductor company’s stock worth $40,000 after acquiring an additional 56 shares in the last quarter. Finally, MCF Advisors LLC acquired a new position in shares of Synopsys in the first quarter worth about $40,000. Hedge funds and other institutional investors own 84.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Bank of America upgraded Synopsys from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $325.00 to $360.00 in a research note on Wednesday, June 29th. UBS Group cut their price objective on Synopsys to $360.00 and set a “hold” rating on the stock in a research note on Thursday, May 19th. Needham & Company LLC upped their price objective on Synopsys from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, May 19th. Wells Fargo & Company cut their price objective on Synopsys from $415.00 to $375.00 and set an “overweight” rating on the stock in a research note on Thursday, May 19th. Finally, StockNews.com cut Synopsys from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 3rd. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $381.70.

Insider Buying and Selling at Synopsys

In other Synopsys news, CRO Joseph W. Logan sold 53,706 shares of the stock in a transaction on Friday, May 20th. The stock was sold at an average price of $299.12, for a total transaction of $16,064,538.72. Following the completion of the transaction, the executive now directly owns 99,907 shares of the company’s stock, valued at approximately $29,884,181.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Synopsys news, CRO Joseph W. Logan sold 53,706 shares of the stock in a transaction on Friday, May 20th. The stock was sold at an average price of $299.12, for a total transaction of $16,064,538.72. Following the completion of the transaction, the executive now directly owns 99,907 shares of the company’s stock, valued at approximately $29,884,181.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Sassine Ghazi sold 4,651 shares of the stock in a transaction on Friday, July 1st. The shares were sold at an average price of $300.67, for a total value of $1,398,416.17. Following the transaction, the chief operating officer now directly owns 45,173 shares of the company’s stock, valued at $13,582,165.91. The disclosure for this sale can be found here. In the last ninety days, insiders sold 129,285 shares of company stock valued at $39,219,908. 1.20% of the stock is owned by corporate insiders.

Synopsys Trading Up 0.5 %

Shares of Synopsys stock opened at $374.29 on Friday. Synopsys, Inc. has a twelve month low of $255.02 and a twelve month high of $377.60. The stock has a market capitalization of $57.26 billion, a price-to-earnings ratio of 58.21, a PEG ratio of 3.02 and a beta of 1.22. The business’s 50 day simple moving average is $322.02 and its 200-day simple moving average is $309.19.

Synopsys (NASDAQ:SNPS – Get Rating) last issued its quarterly earnings data on Wednesday, May 18th. The semiconductor company reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.09. Synopsys had a return on equity of 18.23% and a net margin of 21.19%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company posted $1.24 EPS. Sell-side analysts predict that Synopsys, Inc. will post 6.29 earnings per share for the current year.

About Synopsys

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Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that 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.