Synovus Financial Corp Invests $345,000 in Synopsys, Inc. (NASDAQ:SNPS)

Posted by on May 2nd, 2023

Synovus Financial Corp acquired a new position in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,080 shares of the semiconductor company’s stock, valued at approximately $345,000.

Other hedge funds have also bought and sold shares of the company. Kistler Tiffany Companies LLC acquired a new stake in Synopsys in the 4th quarter valued at $32,000. Altshuler Shaham Ltd acquired a new stake in Synopsys in the 3rd quarter valued at $35,000. CI Investments Inc. grew its position in Synopsys by 957.9% in the 3rd quarter. CI Investments Inc. now owns 201 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 182 shares during the period. Valley National Advisers Inc. grew its position in Synopsys by 26.0% in the 3rd quarter. Valley National Advisers Inc. now owns 228 shares of the semiconductor company’s stock valued at $67,000 after purchasing an additional 47 shares during the period. Finally, Ronald Blue Trust Inc. lifted its stake in Synopsys by 36.0% during the 3rd quarter. Ronald Blue Trust Inc. now owns 242 shares of the semiconductor company’s stock valued at $74,000 after acquiring an additional 64 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Synopsys Stock Up 0.1 %

NASDAQ SNPS opened at $371.62 on Tuesday. The company has a market cap of $56.60 billion, a PE ratio of 61.32, a price-to-earnings-growth ratio of 3.27 and a beta of 1.18. Synopsys, Inc. has a 52 week low of $255.02 and a 52 week high of $392.79. The firm’s 50-day simple moving average is $371.66 and its two-hundred day simple moving average is $343.12.

Synopsys (NASDAQ:SNPS – Get Rating) last released its quarterly earnings data on Wednesday, February 15th. The semiconductor company reported $2.62 EPS for the quarter, beating the consensus estimate of $2.50 by $0.12. The business 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 company’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 earnings per share. As a group, equities research analysts anticipate that Synopsys, Inc. will post 7.2 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Synopsys

In other news, CAO Sudhindra Kankanwadi sold 4,000 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 16,723 shares in the company, valued at $6,038,340.84. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider John F. Runkel, Jr. sold 3,464 shares of the company’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $353.91, for a total transaction of $1,225,944.24. Following 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 at this link. Also, CAO Sudhindra Kankanwadi sold 4,000 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $361.08, for a total value of $1,444,320.00. Following 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. Insiders have sold a total of 11,464 shares of company stock valued at $4,235,984 over the last three months. 0.69% of the stock is currently owned by insiders.

Synopsys Profile

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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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