OLD National Bancorp IN Trims Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

OLD National Bancorp IN decreased its position in Synopsys, Inc. (NASDAQ:SNPS) by 14.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 708 shares of the semiconductor company’s stock after selling 122 shares during the period. OLD National Bancorp IN’s holdings in Synopsys were worth $365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in shares of Synopsys during the 3rd quarter valued at about $26,000. Venturi Wealth Management LLC purchased a new position in shares of Synopsys during the 3rd quarter valued at about $27,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Synopsys during the 3rd quarter valued at about $29,000. Catalyst Capital Advisors LLC grew its position in shares of Synopsys by 34.5% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 113 shares of the semiconductor company’s stock valued at $52,000 after acquiring an additional 29 shares during the period. Finally, Keener Financial Planning LLC acquired a new stake in shares of Synopsys during the 4th quarter valued at about $56,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Wall Street Analyst Weigh In

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

Synopsys Price Performance

SNPS opened at $527.52 on Thursday. The company’s 50 day simple moving average is $564.47 and its two-hundred day simple moving average is $535.56. Synopsys, Inc. has a 1-year low of $360.36 and a 1-year high of $629.38. The firm has a market capitalization of $80.45 billion, a price-to-earnings ratio of 58.10, a price-to-earnings-growth ratio of 3.08 and a beta of 1.06.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.13. The business 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 was up 21.1% on a year-over-year basis. During the same period last year, the company posted $1.75 EPS. On average, equities analysts anticipate that Synopsys, Inc. will post 9.78 earnings per share 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.