Verdence Capital Advisors LLC Raises Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Verdence Capital Advisors LLC increased its position in Synopsys, Inc. (NASDAQ:SNPS) by 6.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 519 shares of the semiconductor company’s stock after acquiring an additional 30 shares during the period. Verdence Capital Advisors LLC’s holdings in Synopsys were worth $267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Lindbrook Capital LLC grew its position in Synopsys by 15.4% during the 4th quarter. Lindbrook Capital LLC now owns 1,264 shares of the semiconductor company’s stock worth $651,000 after purchasing an additional 169 shares during the period. abrdn plc boosted its holdings in Synopsys by 56.9% in the 4th quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock worth $43,442,000 after buying an additional 30,581 shares during the last quarter. CNB Bank boosted its holdings in Synopsys by 6.2% in the 4th quarter. CNB Bank now owns 2,013 shares of the semiconductor company’s stock worth $1,037,000 after buying an additional 118 shares during the last quarter. Geneva Partners LLC boosted its holdings in Synopsys by 64.5% in the 4th quarter. Geneva Partners LLC now owns 1,550 shares of the semiconductor company’s stock worth $798,000 after buying an additional 608 shares during the last quarter. Finally, Greenleaf Trust boosted its holdings in Synopsys by 1.1% in the 4th quarter. Greenleaf Trust now owns 6,026 shares of the semiconductor company’s stock worth $3,103,000 after buying an additional 64 shares during the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SNPS. Piper Sandler began coverage on Synopsys in a report on Thursday, April 4th. They issued an “overweight” rating and a $665.00 price objective on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $615.00 price objective on shares of Synopsys in a report on Thursday, March 21st. StockNews.com raised shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Friday, March 22nd. Finally, Robert W. Baird raised their target price on shares of Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a research note on Thursday, February 22nd. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Synopsys currently has an average rating of “Buy” and a consensus price target of $601.00.

Synopsys Stock Performance

SNPS stock opened at $527.50 on Wednesday. The firm has a market cap of $80.44 billion, a PE ratio of 58.09, a PEG ratio of 3.01 and a beta of 1.06. The firm’s 50 day moving average price is $565.17 and its 200-day moving average price is $535.62. Synopsys, Inc. has a one year low of $360.36 and a one year high of $629.38.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.43 by $0.13. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.65 billion. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.75 EPS. Equities research analysts predict that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

Insider Activity

In other news, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the sale, the chief executive officer now owns 61,863 shares of the company’s stock, valued at approximately $35,726,501.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Synopsys news, insider John F. Runkel, Jr. sold 1,219 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $583.95, for a total value of $711,835.05. Following the sale, the insider now owns 26,780 shares of the company’s stock, valued at $15,638,181. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total value of $5,944,887.94. Following the completion of the sale, the chief executive officer now directly owns 61,863 shares in the company, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,832 shares of company stock valued at $15,464,992. 0.66% of the stock is currently owned by company insiders.

About Synopsys

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.