Synopsys, Inc. (NASDAQ:SNPS)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $78.59 and last traded at $78.68, with a volume of 468,605 shares trading hands. The stock had previously closed at $77.28.

Several equities analysts have recently commented on SNPS shares. J P Morgan Chase & Co reaffirmed an “average” rating on shares of Synopsys in a report on Friday, May 26th. Bank of America Corporation reaffirmed a “buy” rating and set a $87.00 target price (up from $80.00) on shares of Synopsys in a report on Friday, May 19th. DA Davidson reaffirmed a “buy” rating and set a $85.00 target price (up from $77.00) on shares of Synopsys in a report on Friday, May 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $76.00 target price on shares of Synopsys in a report on Monday, April 17th. Finally, BidaskClub lowered Synopsys from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $78.22.

The stock has a 50-day moving average price of $75.29 and a 200 day moving average price of $72.58. The firm has a market capitalization of $11.80 billion, a price-to-earnings ratio of 43.87 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, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.02. The company had revenue of $680.07 million during the quarter, compared to analyst estimates of $672.40 million. Synopsys had a net margin of 10.74% and a return on equity of 11.16%. The company’s revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.81 earnings per share. On average, equities research analysts anticipate that Synopsys, Inc. will post $3.28 earnings per share for the current fiscal year.

Synopsys announced that its board has authorized a stock buyback program on Friday, June 16th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

In other news, Chairman Geus Aart De sold 264,000 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $71.01, for a total transaction of $18,746,640.00. Following the completion of the sale, the chairman now owns 220,133 shares of the company’s stock, valued at $15,631,644.33. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Chi-Foon Chan sold 3,750 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $70.96, for a total transaction of $266,100.00. Following the sale, the chief executive officer now directly owns 204,179 shares of the company’s stock, valued at approximately $14,488,541.84. 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. Company insiders own 1.82% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Teachers Advisors LLC raised its stake in Synopsys by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 254,062 shares of the semiconductor company’s stock valued at $14,954,000 after buying an additional 11,127 shares during the last quarter. Raymond James Trust N.A. purchased a new stake in Synopsys during the first quarter valued at $257,000. Exxonmobil Investment Management Inc. TX purchased a new stake in Synopsys during the first quarter valued at $2,411,000. Gulf International Bank UK Ltd raised its stake in Synopsys by 0.4% in the first quarter. Gulf International Bank UK Ltd now owns 45,937 shares of the semiconductor company’s stock valued at $3,313,000 after buying an additional 200 shares during the last quarter. Finally, National Pension Service raised its stake in Synopsys by 46,912.5% in the first quarter. National Pension Service now owns 153,731 shares of the semiconductor company’s stock valued at $11,101,000 after buying an additional 153,404 shares during the last quarter. 90.98% of the stock is owned by institutional investors.

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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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