Sawgrass Asset Management LLC Has $9.74 Million Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Sawgrass Asset Management LLC decreased its position in Synopsys, Inc. (NASDAQ:SNPS) by 3.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 18,919 shares of the semiconductor company’s stock after selling 625 shares during the period. Sawgrass Asset Management LLC’s holdings in Synopsys were worth $9,742,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in SNPS. Gotham Asset Management LLC grew its position in shares of Synopsys by 35.9% during the 3rd quarter. Gotham Asset Management LLC now owns 8,428 shares of the semiconductor company’s stock worth $3,868,000 after purchasing an additional 2,227 shares in the last quarter. abrdn plc lifted its stake in Synopsys by 56.9% during the fourth quarter. abrdn plc now owns 84,369 shares of the semiconductor company’s stock worth $43,442,000 after purchasing an additional 30,581 shares during the last quarter. Simplicity Solutions LLC boosted its holdings in shares of Synopsys by 55.5% in the 4th quarter. Simplicity Solutions LLC now owns 4,310 shares of the semiconductor company’s stock valued at $2,219,000 after purchasing an additional 1,539 shares in the last quarter. Comerica Bank acquired a new position in shares of Synopsys during the 3rd quarter worth $14,203,000. Finally, DNB Asset Management AS raised its holdings in shares of Synopsys by 18.6% during the 4th quarter. DNB Asset Management AS now owns 52,711 shares of the semiconductor company’s stock worth $27,141,000 after buying an additional 8,259 shares in the last quarter. Institutional investors own 85.47% of the company’s stock.

Analysts Set New Price Targets

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

Synopsys Stock Performance

SNPS traded up $0.88 during midday trading on Wednesday, reaching $550.49. 536,765 shares of the company were exchanged, compared to its average volume of 1,194,149. Synopsys, Inc. has a one year low of $365.46 and a one year high of $629.38. The company has a market cap of $83.95 billion, a price-to-earnings ratio of 60.63, a price-to-earnings-growth ratio of 3.14 and a beta of 1.07. The company’s fifty day moving average price is $559.77 and its 200 day moving average price is $539.03.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.13. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Synopsys had a return on equity of 22.88% and a net margin of 22.96%. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.75 EPS. As a group, sell-side analysts anticipate that Synopsys, Inc. will post 9.78 earnings per share for the current fiscal year.

Insider Activity at Synopsys

In related news, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 61,863 shares of the company’s stock, valued at $35,726,501.13. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Marc N. Casper bought 750 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average cost of $585.45 per share, for a total transaction of $439,087.50. Following the completion of the transaction, the director now owns 1,736 shares of the company’s stock, valued at $1,016,341.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 61,863 shares in the company, valued at $35,726,501.13. The disclosure for this sale can be found here. Insiders sold 26,832 shares of company stock worth $15,464,992 in the last three months. 0.66% of the stock is owned by insiders.

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.