Kentucky Retirement Systems Insurance Trust Fund Reduces Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Kentucky Retirement Systems Insurance Trust Fund cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 7.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,536 shares of the semiconductor company’s stock after selling 384 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Synopsys were worth $2,297,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in SNPS. Capital World Investors raised its position in Synopsys by 12.5% during the first quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock worth $4,211,892,000 after acquiring an additional 818,485 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Synopsys by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after purchasing an additional 1,514,449 shares during the last quarter. GQG Partners LLC lifted its stake in Synopsys by 91.6% in the 1st quarter. GQG Partners LLC now owns 2,095,100 shares of the semiconductor company’s stock valued at $1,197,350,000 after buying an additional 1,001,371 shares in the last quarter. Swedbank AB grew its holdings in Synopsys by 1.4% during the 2nd quarter. Swedbank AB now owns 1,866,133 shares of the semiconductor company’s stock valued at $1,110,461,000 after buying an additional 25,999 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in Synopsys by 26.5% during the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after buying an additional 335,993 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Trading Down 5.0 %

Shares of Synopsys stock opened at $520.75 on Friday. The business’s fifty day moving average price is $514.14 and its 200 day moving average price is $545.35. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38. The stock has a market capitalization of $79.99 billion, a P/E ratio of 54.02, a PEG ratio of 3.18 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.17 EPS. As a group, sell-side analysts predict that Synopsys, Inc. will post 9.45 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the transaction, the chief executive officer now owns 62,568 shares in the company, valued at approximately $34,655,789.52. The trade was a 14.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.66% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on SNPS. JPMorgan Chase & Co. upped their price objective on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Loop Capital initiated coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $640.00 price target on shares of Synopsys in a report on Tuesday, October 22nd. Mizuho began coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective on the stock. Finally, Piper Sandler lowered their target price on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $649.82.

Synopsys Profile

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.