Sigma Investment Counselors Inc. Lowers Position in Synopsys, Inc. (SNPS)
Sigma Investment Counselors Inc. lowered its position in Synopsys, Inc. (NASDAQ:SNPS) by 0.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,785 shares of the semiconductor company’s stock after selling 140 shares during the period. Sigma Investment Counselors Inc.’s holdings in Synopsys were worth $3,558,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of SNPS. Vanguard Group Inc. raised its position in shares of Synopsys by 21.6% in the first quarter. Vanguard Group Inc. now owns 15,031,207 shares of the semiconductor company’s stock worth $1,084,201,000 after buying an additional 2,672,954 shares in the last quarter. BlackRock Inc. raised its position in shares of Synopsys by 3,273.6% in the first quarter. BlackRock Inc. now owns 12,796,224 shares of the semiconductor company’s stock worth $922,991,000 after buying an additional 12,416,921 shares in the last quarter. State Street Corp raised its position in shares of Synopsys by 19.9% in the first quarter. State Street Corp now owns 7,240,263 shares of the semiconductor company’s stock worth $522,251,000 after buying an additional 1,201,269 shares in the last quarter. Swedbank raised its position in shares of Synopsys by 10.4% in the second quarter. Swedbank now owns 2,082,579 shares of the semiconductor company’s stock worth $151,882,000 after buying an additional 195,582 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Synopsys by 8.7% in the first quarter. AQR Capital Management LLC now owns 2,046,089 shares of the semiconductor company’s stock worth $147,584,000 after buying an additional 163,681 shares in the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.
Shares of Synopsys, Inc. (NASDAQ:SNPS) opened at 76.85 on Thursday. The stock has a 50 day moving average of $75.13 and a 200-day moving average of $72.20. The stock has a market capitalization of $11.55 billion, a P/E ratio of 42.93 and a beta of 1.02. Synopsys, Inc. has a one year low of $55.44 and a one year high of $77.55.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.02. Synopsys had a return on equity of 11.16% and a net margin of 10.74%. The company had revenue of $680.07 million for the quarter, compared to analysts’ expectations of $672.40 million. During the same period in the previous year, the firm earned $0.81 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. Equities analysts forecast that Synopsys, Inc. will post $3.28 earnings per share for the current year.
Synopsys announced that its board has authorized a stock buyback plan on Friday, June 16th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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SNPS has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $76.00 target price on shares of Synopsys in a research report on Monday, April 17th. Zacks Investment Research lowered shares of Synopsys from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. BidaskClub lowered shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Bank of America Corporation reiterated a “buy” rating and set a $87.00 target price (up previously from $80.00) on shares of Synopsys in a research report on Friday, May 19th. Finally, DA Davidson reiterated a “buy” rating and set a $85.00 target price (up previously from $77.00) on shares of Synopsys in a research report on Friday, May 19th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Synopsys has an average rating of “Buy” and an average price target of $75.78.
In other news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $71.00, for a total transaction of $710,000.00. Following the sale, the general counsel now directly owns 18,239 shares of the company’s stock, valued at approximately $1,294,969. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Schwarz sold 21,496 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $71.20, for a total value of $1,530,515.20. Following the sale, the director now directly owns 19,324 shares in the company, valued at $1,375,868.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 304,246 shares of company stock worth $21,608,505. 1.82% of the stock is owned by insiders.
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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