Harvest Fund Management Co. Ltd Grows Position in Synopsys, Inc. (NASDAQ:SNPS)

Harvest Fund Management Co. Ltd boosted its stake in Synopsys, Inc. (NASDAQ:SNPS) by 12.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,493 shares of the semiconductor company’s stock after buying an additional 389 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Synopsys were worth $1,799,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ritholtz Wealth Management increased its position in shares of Synopsys by 37.3% during the 3rd quarter. Ritholtz Wealth Management now owns 1,583 shares of the semiconductor company’s stock valued at $727,000 after purchasing an additional 430 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of Synopsys by 15.2% during the 3rd quarter. Global Retirement Partners LLC now owns 774 shares of the semiconductor company’s stock valued at $357,000 after purchasing an additional 102 shares during the last quarter. Naples Global Advisors LLC purchased a new stake in shares of Synopsys during the 3rd quarter valued at $233,000. DAVENPORT & Co LLC purchased a new stake in shares of Synopsys during the 3rd quarter valued at $208,000. Finally, Eastern Bank purchased a new stake in shares of Synopsys during the 3rd quarter valued at $760,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Trading Up 2.3 %

Shares of SNPS traded up $12.01 during trading hours on Tuesday, reaching $527.50. 1,477,365 shares of the company’s stock traded hands, compared to its average volume of 1,241,972. The stock has a market cap of $80.44 billion, a PE ratio of 58.09, a price-to-earnings-growth ratio of 2.98 and a beta of 1.06. The firm’s 50 day simple moving average is $565.17 and its 200-day simple moving average is $535.62. Synopsys, Inc. has a 12 month low of $360.36 and a 12 month high of $629.38.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.43 by $0.13. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The company’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter last year, the company posted $1.75 EPS. As a group, analysts expect that Synopsys, Inc. will post 9.78 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SNPS. Needham & Company LLC reissued a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a report on Friday, March 22nd. Robert W. Baird lifted their price objective on Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. StockNews.com raised Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Rosenblatt Securities reissued a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a report on Thursday, March 21st. Finally, Piper Sandler began coverage on Synopsys in a report on Thursday, April 4th. They issued an “overweight” rating and a $665.00 price objective for the company. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys presently has a consensus rating of “Buy” and an average target price of $601.00.

Insider Activity

In related news, insider John F. Runkel, Jr. sold 1,219 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $583.95, for a total transaction of $711,835.05. Following the transaction, the insider now directly owns 26,780 shares of the company’s stock, valued at approximately $15,638,181. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $577.51, for a total value of $5,944,887.94. Following the transaction, the chief executive officer now directly owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Runkel, Jr. sold 1,219 shares of Synopsys stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $583.95, for a total value of $711,835.05. Following the completion of the transaction, the insider now directly owns 26,780 shares in the company, valued at $15,638,181. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,832 shares of company stock worth $15,464,992. 0.66% of the stock is currently owned by insiders.

Synopsys Company 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.