Spire Wealth Management Sells 79 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Posted by Defense World Staff on Apr 26th, 2023

Spire Wealth Management cut its holdings in Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 16.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 391 shares of the semiconductor company’s stock after selling 79 shares during the period. Spire Wealth Management’s holdings in Synopsys were worth $125,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SNPS. Envestnet Asset Management Inc. raised its position in Synopsys by 0.5% during the third 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 during the period. Fulton Bank N.A. raised its holdings in Synopsys by 34.0% during the 4th quarter. Fulton Bank N.A. now owns 1,481 shares of the semiconductor company’s stock valued at $473,000 after buying an additional 376 shares during the period. CTC Capital Management LLC bought a new stake in Synopsys in the third quarter worth $1,008,000. NorthRock Partners LLC lifted its position in Synopsys by 6.9% in the fourth quarter. NorthRock Partners LLC now owns 943 shares of the semiconductor company’s stock worth $301,000 after buying an additional 61 shares during the last quarter. Finally, Seed Wealth Management Inc. purchased a new position in Synopsys during the fourth quarter worth $345,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SNPS. Wells Fargo & Company raised their target price on shares of Synopsys from $400.00 to $410.00 and gave the stock an “overweight” rating in a report on Thursday, February 16th. Needham & Company LLC boosted their target price on Synopsys from $420.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, February 16th. Atlantic Securities started coverage on Synopsys in a report on Tuesday, January 17th. They issued an “overweight” rating on the stock. StockNews.com assumed coverage on Synopsys in a report on Thursday, March 16th. They set a “buy” rating for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $420.00 target price on shares of Synopsys in a research note on Tuesday, February 14th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $424.18.

Synopsys Price Performance

SNPS stock opened at $364.53 on Wednesday. Synopsys, Inc. has a 1-year low of $255.02 and a 1-year high of $392.79. The business has a 50-day moving average price of $371.33 and a 200 day moving average price of $340.30. The company has a market capitalization of $55.52 billion, a P/E ratio of 60.15, a PEG ratio of 3.33 and a beta of 1.18.

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

Insider Transactions at Synopsys

In other news, CAO Sudhindra Kankanwadi sold 4,000 shares of the stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $391.43, for a total value of $1,565,720.00. Following the completion of the sale, the chief accounting officer now owns 16,758 shares of the company’s stock, valued at approximately $6,559,583.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Synopsys news, insider John F. Runkel, Jr. sold 3,464 shares of Synopsys 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 completion of the sale, the insider now directly owns 25,112 shares in the company, valued at $8,887,387.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Sudhindra Kankanwadi sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $391.43, for a total transaction of $1,565,720.00. Following the completion of the sale, the chief accounting officer now directly owns 16,758 shares in the company, valued at $6,559,583.94. The disclosure for this sale can be found here. Insiders sold 11,464 shares of company stock valued at $4,235,984 over the last 90 days. Corporate insiders own 0.69% of the company’s stock.

Synopsys Company Profile

(Get Rating)

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.