Platinum Investment Management Ltd. Raises Position in Synopsys, Inc. $SNPS

Platinum Investment Management Ltd. raised its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,366 shares of the semiconductor company’s stock after purchasing an additional 49 shares during the period. Platinum Investment Management Ltd.’s holdings in Synopsys were worth $1,726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. HBW Advisory Services LLC raised its position in Synopsys by 494.9% during the second quarter. HBW Advisory Services LLC now owns 3,611 shares of the semiconductor company’s stock valued at $1,851,000 after purchasing an additional 3,004 shares during the period. Westbourne Investments Inc. purchased a new stake in shares of Synopsys in the second quarter worth approximately $1,505,000. North Star Asset Management Inc. raised its holdings in shares of Synopsys by 3.6% in the first quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company’s stock worth $25,847,000 after buying an additional 2,082 shares during the period. SlateStone Wealth LLC raised its holdings in shares of Synopsys by 467.8% in the first quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company’s stock worth $4,383,000 after buying an additional 8,420 shares during the period. Finally, Bourgeon Capital Management LLC purchased a new stake in shares of Synopsys in the second quarter worth approximately $451,000. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Trading Down 0.9%

SNPS opened at $488.78 on Thursday. The stock’s fifty day moving average is $564.57 and its two-hundred day moving average is $509.13. The company has a market capitalization of $90.79 billion, a P/E ratio of 38.37, a PEG ratio of 5.44 and a beta of 1.10. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73. The company has a quick ratio of 1.51, a current ratio of 1.62 and a debt-to-equity ratio of 0.52.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Bank of America reiterated an “underperform” rating and issued a $525.00 price target (down from $625.00) on shares of Synopsys in a report on Wednesday, September 10th. KeyCorp reduced their price target on Synopsys from $660.00 to $590.00 and set an “overweight” rating on the stock in a report on Wednesday, September 10th. Piper Sandler reduced their price target on Synopsys from $660.00 to $630.00 and set an “overweight” rating on the stock in a report on Wednesday, September 10th. Stifel Nicolaus reduced their price target on Synopsys from $650.00 to $550.00 and set a “buy” rating on the stock in a report on Wednesday, September 10th. Finally, Morgan Stanley reduced their price target on Synopsys from $715.00 to $510.00 and set an “overweight” rating on the stock in a report on Thursday, September 11th. Eleven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $585.33.

Insider Buying and Selling

In related news, Director Robert G. Painter bought 350 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were acquired at an average price of $425.44 per share, with a total value of $148,904.00. Following the transaction, the director owned 2,291 shares of the company’s stock, valued at $974,683.04. The trade was a 18.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Shelagh Glaser sold 3,655 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $609.77, for a total value of $2,228,709.35. Following the sale, the chief financial officer directly owned 15,317 shares in the company, valued at $9,339,847.09. This trade represents a 19.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,894 shares of company stock worth $16,760,783 over the last quarter. Insiders own 0.62% of the company’s stock.

About Synopsys

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.