Commonwealth Bank of Australia maintained its stake in Synopsys, Inc. (NASDAQ:SNPS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,600 shares of the semiconductor company’s stock at the end of the 2nd quarter. Commonwealth Bank of Australia’s holdings in Synopsys were worth $116,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Advisor Group LLC purchased a new position in shares of Synopsys in the second quarter worth approximately $261,000. Tredje AP fonden boosted its holdings in shares of Synopsys by 8.7% in the second quarter. Tredje AP fonden now owns 66,000 shares of the semiconductor company’s stock worth $4,813,000 after buying an additional 5,300 shares during the last quarter. Schroder Investment Management Group boosted its holdings in shares of Synopsys by 4.9% in the second quarter. Schroder Investment Management Group now owns 568,042 shares of the semiconductor company’s stock worth $41,450,000 after buying an additional 26,693 shares during the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in shares of Synopsys in the second quarter worth approximately $1,791,000. Finally, Sheaff Brock Investment Advisors LLC boosted its holdings in shares of Synopsys by 3.8% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 12,799 shares of the semiconductor company’s stock worth $933,000 after buying an additional 469 shares during the last quarter. 88.94% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Joseph W. Logan sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $76.99, for a total value of $384,950.00. Following the sale, the executive vice president now owns 63,793 shares in the company, valued at $4,911,423.07. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Chi-Foon Chan sold 3,750 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $77.50, for a total value of $290,625.00. Following the completion of the sale, the chief executive officer now owns 200,429 shares in the company, valued at approximately $15,533,247.50. The disclosure for this sale can be found here. 1.82% of the stock is owned by corporate insiders.
A number of research firms recently issued reports on SNPS. HSBC Holdings plc reissued an “average” rating on shares of Synopsys in a report on Thursday, September 14th. Credit Suisse Group reissued an “outperform” rating on shares of Synopsys in a report on Thursday, August 31st. Zacks Investment Research downgraded shares of Synopsys from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Royal Bank Of Canada raised their price objective on shares of Synopsys from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Thursday, August 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $83.00 price objective (up previously from $77.00) on shares of Synopsys in a report on Thursday, August 17th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $83.38.
Shares of Synopsys, Inc. (SNPS) opened at 81.15 on Wednesday. The company has a market cap of $12.19 billion, a PE ratio of 38.10 and a beta of 0.99. Synopsys, Inc. has a 1-year low of $56.03 and a 1-year high of $81.57. The firm’s 50-day moving average is $78.47 and its 200-day moving average is $74.70.
Synopsys (NASDAQ:SNPS) last issued its earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.92. The firm had revenue of $695.40 million for the quarter, compared to analyst estimates of $691.22 million. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. Synopsys’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 earnings per share. On average, equities analysts forecast that Synopsys, Inc. will post $3.31 earnings per share for the current fiscal year.
Synopsys announced that its Board of Directors has approved a share buyback plan on Friday, June 16th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Synopsys Company Profile
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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