State of Alaska Department of Revenue Has $7.76 Million Stake in Synopsys, Inc. (NASDAQ:SNPS)

State of Alaska Department of Revenue increased its stake in Synopsys, Inc. (NASDAQ:SNPS) by 3.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 18,092 shares of the semiconductor company’s stock after purchasing an additional 575 shares during the quarter. State of Alaska Department of Revenue’s holdings in Synopsys were worth $7,758,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Synopsys by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company’s stock worth $7,029,360,000 after buying an additional 120,575 shares during the period. Capital World Investors lifted its position in Synopsys by 1.6% during the 4th quarter. Capital World Investors now owns 7,280,182 shares of the semiconductor company’s stock worth $3,533,526,000 after acquiring an additional 114,893 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Synopsys by 21.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,902,696 shares of the semiconductor company’s stock valued at $2,864,933,000 after acquiring an additional 1,045,326 shares during the period. Geode Capital Management LLC grew its position in shares of Synopsys by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company’s stock valued at $1,625,230,000 after purchasing an additional 75,298 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Synopsys by 26.2% in the fourth quarter. Ameriprise Financial Inc. now owns 1,888,181 shares of the semiconductor company’s stock worth $916,441,000 after purchasing an additional 391,681 shares during the period. Institutional investors own 85.47% of the company’s stock.

Synopsys Trading Down 0.4%

SNPS stock opened at $473.62 on Thursday. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $624.80. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $470.10 and its 200-day moving average is $480.27. The firm has a market cap of $73.49 billion, a P/E ratio of 34.20, a P/E/G ratio of 3.14 and a beta of 1.11.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.27. Synopsys had a return on equity of 17.09% and a net margin of 34.77%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the prior year, the business posted $3.00 earnings per share. The business’s revenue was up 10.3% compared to the same quarter last year. Equities analysts anticipate that Synopsys, Inc. will post 10.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SNPS. Wells Fargo & Company decreased their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Piper Sandler reissued an “overweight” rating and issued a $615.00 price objective (down from $653.00) on shares of Synopsys in a research report on Thursday, May 29th. Morgan Stanley dropped their target price on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research report on Monday, February 24th. Rosenblatt Securities reduced their price target on shares of Synopsys from $660.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, May 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $650.00 price target on shares of Synopsys in a research report on Thursday, May 29th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $607.14.

Insider Buying and Selling at Synopsys

In other news, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the transaction, the chief financial officer now owns 15,291 shares in the company, valued at approximately $7,427,144.52. The trade was a 32.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $457.93, for a total value of $5,204,832.38. Following the completion of the transaction, the chief executive officer now directly owns 71,589 shares in the company, valued at approximately $32,782,750.77. This represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.62% of the company’s stock.

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.