Korea Investment CORP lowered its stake in Synopsys, Inc. (NASDAQ:SNPS) by 3.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 95,205 shares of the semiconductor company’s stock after selling 3,575 shares during the period. Korea Investment CORP’s holdings in Synopsys were worth $6,943,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Cypress Wealth Advisors LLC increased its stake in Synopsys by 1.7% in the first quarter. Cypress Wealth Advisors LLC now owns 4,763 shares of the semiconductor company’s stock valued at $344,000 after buying an additional 81 shares during the period. Pacer Advisors Inc. increased its stake in Synopsys by 3.2% in the first quarter. Pacer Advisors Inc. now owns 2,861 shares of the semiconductor company’s stock valued at $206,000 after buying an additional 88 shares during the period. YorkBridge Wealth Partners LLC increased its stake in Synopsys by 6.6% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,487 shares of the semiconductor company’s stock valued at $110,000 after buying an additional 92 shares during the period. Louisiana State Employees Retirement System increased its stake in Synopsys by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 9,300 shares of the semiconductor company’s stock valued at $678,000 after buying an additional 100 shares during the period. Finally, Mn Services Vermogensbeheer B.V. increased its stake in Synopsys by 4.5% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,036 shares of the semiconductor company’s stock valued at $272,000 after buying an additional 172 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys, Inc. (NASDAQ:SNPS) opened at 75.65 on Friday. Synopsys, Inc. has a one year low of $55.44 and a one year high of $77.55. The firm’s 50-day moving average is $75.15 and its 200 day moving average is $72.22. The firm has a market capitalization of $11.37 billion, a price-to-earnings ratio of 42.26 and a beta of 1.02.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.02. Synopsys had a net margin of 10.74% and a return on equity of 11.16%. The business had revenue of $680.07 million during the quarter, compared to analysts’ expectations of $672.40 million. During the same period in the previous year, the company earned $0.81 earnings per share. Synopsys’s revenue for the quarter was up 12.4% on a year-over-year basis. Analysts forecast that Synopsys, Inc. will post $3.28 EPS for the current fiscal year.

Synopsys declared that its board has approved a stock buyback plan on Friday, June 16th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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Several research firms recently issued reports on SNPS. Needham & Company LLC reaffirmed a “buy” rating and set a $77.00 price target (up previously from $76.00) on shares of Synopsys in a research note on Thursday, May 18th. BidaskClub downgraded shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Pacific Crest reaffirmed an “overweight” rating and set a $86.00 price target (up previously from $78.00) on shares of Synopsys in a research note on Friday, May 19th. Zacks Investment Research downgraded shares of Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $87.00 price target (up previously from $80.00) on shares of Synopsys in a research note on Friday, May 19th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $75.78.

In related news, CEO Chi-Foon Chan sold 3,750 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $70.96, for a total transaction of $266,100.00. Following the completion of the transaction, the chief executive officer now directly owns 204,179 shares in the company, valued at approximately $14,488,541.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Geus Aart De sold 264,000 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $71.01, for a total transaction of $18,746,640.00. Following the transaction, the chairman now owns 220,133 shares of the company’s stock, valued at $15,631,644.33. The disclosure for this sale can be found here. Insiders sold 304,246 shares of company stock valued at $21,608,505 over the last 90 days. 1.82% of the stock is owned by corporate insiders.

About Synopsys

Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.

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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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