Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by TD Asset Management Inc.
TD Asset Management Inc. cut its position in Synopsys, Inc. (NASDAQ:SNPS) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 339,188 shares of the semiconductor company’s stock after selling 6,765 shares during the period. TD Asset Management Inc.’s holdings in Synopsys were worth $24,737,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. IFP Advisors Inc increased its stake in shares of Synopsys by 40.4% in the second quarter. IFP Advisors Inc now owns 1,441 shares of the semiconductor company’s stock worth $105,000 after buying an additional 415 shares during the last quarter. K.J. Harrison & Partners Inc acquired a new stake in shares of Synopsys during the second quarter worth $365,000. Bbva Compass Bancshares Inc. increased its stake in shares of Synopsys by 1.7% in the second quarter. Bbva Compass Bancshares Inc. now owns 15,862 shares of the semiconductor company’s stock worth $1,157,000 after buying an additional 268 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of Synopsys by 292.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,170 shares of the semiconductor company’s stock worth $1,398,000 after buying an additional 14,290 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Synopsys during the second quarter worth $2,524,000. Institutional investors and hedge funds own 91.43% of the company’s stock.
Shares of Synopsys, Inc. (SNPS) opened at 76.27 on Friday. The stock’s 50 day moving average price is $75.20 and its 200 day moving average price is $72.33. Synopsys, Inc. has a 12-month low of $55.44 and a 12-month high of $77.55. The company has a market cap of $11.46 billion, a P/E ratio of 42.61 and a beta of 1.02.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $672.40 million. During the same quarter last year, the company earned $0.81 EPS. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, analysts forecast that Synopsys, Inc. will post $3.28 EPS for the current year.
Synopsys declared that its board has authorized a share 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 reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several research firms have recently commented on SNPS. BidaskClub upgraded Synopsys from a “hold” rating to a “buy” rating in a report on Monday, July 31st. J P Morgan Chase & Co restated an “average” rating on shares of Synopsys in a report on Friday, May 26th. Bank of America Corporation restated a “buy” rating and set a $87.00 price objective (up previously from $80.00) on shares of Synopsys in a report on Friday, May 19th. DA Davidson restated a “buy” rating and set a $85.00 price objective (up previously from $77.00) on shares of Synopsys in a report on Friday, May 19th. Finally, Pacific Crest restated an “overweight” rating and set a $86.00 price objective (up previously from $78.00) on shares of Synopsys in a report on Friday, May 19th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $75.78.
In related news, General Counsel John F. Runkel, Jr. sold 10,000 shares of the firm’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 completion of the transaction, the general counsel now owns 18,239 shares of the company’s stock, valued at approximately $1,294,969. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Joseph W. Logan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $71.05, for a total value of $355,250.00. Following the transaction, the executive vice president now directly owns 68,793 shares of the company’s stock, valued at approximately $4,887,742.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 304,246 shares of company stock valued at $21,608,505. 1.82% of the stock is owned by corporate 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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