Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by California State Teachers Retirement System

Posted by Defense World Staff on Mar 16th, 2023

California State Teachers Retirement System trimmed its position in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 1.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,224 shares of the semiconductor company’s stock after selling 3,058 shares during the period. California State Teachers Retirement System owned approximately 0.16% of Synopsys worth $76,751,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its holdings in Synopsys by 0.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 176,442 shares of the semiconductor company’s stock valued at $53,905,000 after purchasing an additional 929 shares in the last quarter. CTC Capital Management LLC acquired a new position in Synopsys during the 3rd quarter worth $1,008,000. Natixis grew its holdings in Synopsys by 1,314.1% during the 2nd quarter. Natixis now owns 12,882 shares of the semiconductor company’s stock worth $3,912,000 after acquiring an additional 11,971 shares in the last quarter. Walleye Capital LLC acquired a new position in Synopsys during the 2nd quarter worth $2,925,000. Finally, Wipfli Financial Advisors LLC acquired a new position in Synopsys during the 3rd quarter worth $653,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Synopsys Stock Down 0.8 %

Shares of NASDAQ:SNPS opened at $366.82 on Thursday. The company has a market cap of $55.87 billion, a PE ratio of 60.53, a P/E/G ratio of 3.15 and a beta of 1.18. The company’s 50-day moving average price is $353.86 and its 200 day moving average price is $329.40. Synopsys, Inc. has a fifty-two week low of $255.02 and a fifty-two week high of $391.17.

Synopsys (NASDAQ:SNPS – Get Rating) last released its quarterly earnings results on Wednesday, February 15th. The semiconductor company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.12. Synopsys had a net margin of 18.22% and a return on equity of 16.88%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the firm earned $1.78 EPS. Synopsys’s revenue was up 7.2% on a year-over-year basis. As a group, equities analysts anticipate that Synopsys, Inc. will post 7.2 EPS for the current year.

Insiders Place Their Bets

In other Synopsys news, CAO Sudhindra Kankanwadi sold 4,000 shares of the business’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $361.08, for a total transaction of $1,444,320.00. Following the sale, the chief accounting officer now directly owns 16,723 shares in the company, valued at approximately $6,038,340.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider John F. Runkel, Jr. sold 3,464 shares of the business’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $353.91, for a total value of $1,225,944.24. Following the sale, the insider now directly owns 25,112 shares in the company, valued at approximately $8,887,387.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sudhindra Kankanwadi sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $361.08, for a total transaction of $1,444,320.00. Following the completion of the sale, the chief accounting officer now owns 16,723 shares in the company, valued at $6,038,340.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,736 shares of company stock worth $21,590,891. 0.69% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SNPS. Bank of America raised shares of Synopsys from a “neutral” rating to a “buy” rating and set a $410.00 price objective for the company in a report on Friday, December 16th. Rosenblatt Securities reissued a “buy” rating and set a $420.00 price objective on shares of Synopsys in a report on Tuesday, February 14th. Atlantic Securities began coverage on shares of Synopsys in a report on Tuesday, January 17th. They set an “overweight” rating for the company. StockNews.com began coverage on shares of Synopsys in a report on Thursday. They issued a “buy” rating for the company. Finally, Needham & Company LLC lifted their price target on shares of Synopsys from $420.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, February 16th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $424.18.

About Synopsys

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Synopsys, Inc engages in the provision of software products and consulting services in the electronic design automation industry. It operates through the following segments: Semiconductor and System Design, and Software Integrity. The Semiconductor and System Design segment includes the EDA, IP and System Integration.