Canada Pension Plan Investment Board increased its stake in Synopsys, Inc. (NASDAQ:SNPS) by 18.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 604,500 shares of the semiconductor company’s stock after buying an additional 95,300 shares during the period. Canada Pension Plan Investment Board’s holdings in Synopsys were worth $44,086,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in SNPS. Navellier & Associates Inc acquired a new stake in shares of Synopsys during the first quarter valued at $5,219,000. State of Alaska Department of Revenue acquired a new stake in shares of Synopsys during the first quarter valued at $424,000. Anderson Hoagland & Co. boosted its stake in shares of Synopsys by 23.4% in the first quarter. Anderson Hoagland & Co. now owns 21,100 shares of the semiconductor company’s stock valued at $1,522,000 after buying an additional 4,000 shares in the last quarter. Hartford Investment Management Co. boosted its stake in shares of Synopsys by 907.9% in the first quarter. Hartford Investment Management Co. now owns 34,581 shares of the semiconductor company’s stock valued at $2,494,000 after buying an additional 31,150 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Synopsys during the first quarter valued at $292,000. Institutional investors own 91.43% of the company’s stock.

Shares of Synopsys, Inc. (NASDAQ:SNPS) opened at 75.65 on Friday. The firm’s 50-day moving average is $75.15 and its 200-day moving average is $72.22. The company has a market cap of $11.37 billion, a PE ratio of 42.26 and a beta of 1.02. Synopsys, Inc. has a 12 month low of $55.44 and a 12 month high of $77.55.

Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, May 17th. The semiconductor company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02. The company had revenue of $680.07 million for the quarter, compared to analysts’ expectations of $672.40 million. Synopsys had a net margin of 10.74% and a return on equity of 11.16%. The firm’s revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. On average, equities research analysts predict that Synopsys, Inc. will post $3.28 earnings per share for the current year.

Synopsys declared that its board has initiated a share repurchase plan on Friday, June 16th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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Several analysts recently weighed in on SNPS shares. Needham & Company LLC reissued a “buy” rating and issued a $76.00 price objective on shares of Synopsys in a research note on Monday, April 17th. Zacks Investment Research cut shares of Synopsys from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $85.00 price objective (up previously from $77.00) on shares of Synopsys in a research note on Thursday, May 18th. Pacific Crest reissued an “overweight” rating and issued a $86.00 price objective (up previously from $78.00) on shares of Synopsys in a research note on Friday, May 19th. Finally, DA Davidson reissued a “buy” rating and issued a $85.00 price objective (up previously from $77.00) 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 given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $75.78.

In other Synopsys news, CEO Chi-Foon Chan sold 3,750 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $70.96, for a total value of $266,100.00. Following the transaction, the chief executive officer now owns 204,179 shares in the company, valued at $14,488,541.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Schwarz sold 21,496 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $71.20, for a total transaction of $1,530,515.20. Following the completion of the transaction, the director now owns 19,324 shares in the company, valued at approximately $1,375,868.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 304,246 shares of company stock worth $21,608,505. 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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