Fulton Bank N.A. Buys 376 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Posted by on Mar 18th, 2023

Fulton Bank N.A. increased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 34.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,481 shares of the semiconductor company’s stock after acquiring an additional 376 shares during the quarter. Fulton Bank N.A.’s holdings in Synopsys were worth $473,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNPS. Cibc World Market Inc. boosted its position in shares of Synopsys by 58.8% during the first quarter. Cibc World Market Inc. now owns 11,893 shares of the semiconductor company’s stock worth $3,964,000 after acquiring an additional 4,402 shares during the last quarter. Prudential PLC bought a new position in Synopsys during the first quarter valued at $993,000. Sequoia Financial Advisors LLC bought a new position in Synopsys during the first quarter valued at $240,000. Covestor Ltd lifted its position in Synopsys by 18.9% during the first quarter. Covestor Ltd now owns 271 shares of the semiconductor company’s stock valued at $90,000 after purchasing an additional 43 shares during the last quarter. Finally, Mather Group LLC. lifted its position in Synopsys by 64.4% during the first quarter. Mather Group LLC. now owns 1,680 shares of the semiconductor company’s stock valued at $560,000 after purchasing an additional 658 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other Synopsys news, COO Sassine Ghazi sold 29,136 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $319.46, for a total transaction of $9,307,786.56. Following the transaction, the chief operating officer now directly owns 52,609 shares in the company, valued at approximately $16,806,471.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Synopsys news, insider John F. Runkel, Jr. sold 3,464 shares of the stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $353.91, for a total transaction of $1,225,944.24. Following the transaction, the insider now directly owns 25,112 shares in the company, valued at approximately $8,887,387.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Sassine Ghazi sold 29,136 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $319.46, for a total transaction of $9,307,786.56. Following the transaction, the chief operating officer now owns 52,609 shares in the company, valued at $16,806,471.14. The disclosure for this sale can be found here. Insiders have sold a total of 65,736 shares of company stock worth $21,590,891 in the last three months. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

SNPS has been the subject of several research reports. StockNews.com initiated coverage on shares of Synopsys in a research report on Thursday. They set a “buy” rating for the company. Atlantic Securities began coverage on shares of Synopsys in a research report on Tuesday, January 17th. They set an “overweight” rating for the company. KeyCorp increased their target price on shares of Synopsys from $455.00 to $467.00 and gave the company an “overweight” rating in a research note on Thursday, December 1st. Wells Fargo & Company increased their target price on shares of Synopsys from $400.00 to $410.00 and gave the company an “overweight” rating in a research note on Thursday, February 16th. Finally, Needham & Company LLC increased their target price on shares of Synopsys from $420.00 to $450.00 and gave the company a “buy” rating in a research note 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.com, Synopsys presently has a consensus rating of “Moderate Buy” and a consensus target price of $424.18.

Synopsys Price Performance

SNPS stock opened at $372.53 on Friday. The company has a market capitalization of $56.74 billion, a PE ratio of 61.47, a P/E/G ratio of 3.28 and a beta of 1.18. Synopsys, Inc. has a 12 month low of $255.02 and a 12 month high of $391.17. The firm’s 50-day moving average is $356.08 and its 200 day moving average is $329.88.

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

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.

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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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