Comerica Bank reduced its holdings in shares of Synopsys (NASDAQ:SNPS) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,512 shares of the semiconductor company’s stock after selling 1,335 shares during the quarter. Comerica Bank’s holdings in Synopsys were worth $4,082,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cerebellum GP LLC bought a new position in shares of Synopsys during the fourth quarter valued at about $124,000. Robecosam AG lifted its position in shares of Synopsys by 69.2% during the fourth quarter. Robecosam AG now owns 2,200 shares of the semiconductor company’s stock valued at $188,000 after purchasing an additional 900 shares in the last quarter. IBM Retirement Fund bought a new position in shares of Synopsys during the fourth quarter valued at about $201,000. Conning Inc. bought a new position in shares of Synopsys during the fourth quarter valued at about $205,000. Finally, Checchi Capital Advisers LLC bought a new position in shares of Synopsys during the fourth quarter valued at about $205,000. Hedge funds and other institutional investors own 89.91% of the company’s stock.

In other news, CEO Chi-Foon Chan sold 3,609 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $84.77, for a total value of $305,934.93. Following the sale, the chief executive officer now owns 209,244 shares of the company’s stock, valued at $17,737,613.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Joseph W. Logan sold 10,313 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $84.69, for a total transaction of $873,407.97. Following the completion of the sale, the executive vice president now directly owns 78,584 shares in the company, valued at approximately $6,655,278.96. The disclosure for this sale can be found here. In the last three months, insiders sold 24,700 shares of company stock worth $2,119,410. Insiders own 1.84% of the company’s stock.

Shares of SNPS stock opened at $88.90 on Friday. The stock has a market capitalization of $13.19 billion, a price-to-earnings ratio of 101.02, a P/E/G ratio of 5.71 and a beta of 1.10. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 0.68. Synopsys has a 52 week low of $88.19 and a 52 week high of $89.03.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.00 by $0.10. The business had revenue of $769.40 million for the quarter, compared to analyst estimates of $750.43 million. Synopsys had a net margin of 1.63% and a return on equity of 6.72%. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. research analysts predict that Synopsys will post 1.55 earnings per share for the current year.

Synopsys announced that its board has initiated a stock repurchase plan on Thursday, April 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 4.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

A number of research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Synopsys from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Tuesday, April 24th. BidaskClub lowered shares of Synopsys from a “hold” rating to a “sell” rating in a research report on Tuesday, February 27th. KeyCorp reaffirmed an “overweight” rating and issued a $110.00 price objective (up previously from $106.00) on shares of Synopsys in a research report on Thursday, February 22nd. ValuEngine raised shares of Synopsys from a “hold” rating to a “buy” rating in a research report on Thursday, April 12th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Synopsys in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. Synopsys currently has a consensus rating of “Buy” and an average target price of $97.56.

Synopsys Company Profile

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.

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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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