Chi-Foon Chan Sells 3,750 Shares of Synopsys, Inc. (SNPS) Stock
Synopsys, Inc. (NASDAQ:SNPS) CEO Chi-Foon Chan sold 3,750 shares of the company’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $70.96, for a total value of $266,100.00. Following the completion of the sale, the chief executive officer now owns 204,179 shares of the company’s stock, valued at $14,488,541.84. The transaction was disclosed in a filing with the SEC, which is available through this link.
Shares of Synopsys, Inc. (NASDAQ:SNPS) traded up 0.48% on Tuesday, reaching $72.60. 1,265,748 shares of the company traded hands. The company has a 50-day moving average of $72.86 and a 200-day moving average of $66.38. Synopsys, Inc. has a 1-year low of $48.99 and a 1-year high of $75.34. The stock has a market capitalization of $10.91 billion, a price-to-earnings ratio of 40.56 and a beta of 0.87.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 17th. The semiconductor company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. Synopsys had a net margin of 11.01% and a return on equity of 11.51%. The company had revenue of $680.07 million during the quarter, compared to analysts’ expectations of $672.40 million. During the same quarter in the previous year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. Analysts anticipate that Synopsys, Inc. will post $3.28 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Synopsys by 21.6% in the first quarter. Vanguard Group Inc. now owns 15,031,207 shares of the semiconductor company’s stock worth $1,084,201,000 after buying an additional 2,672,954 shares during the last quarter. BlackRock Inc. boosted its position in Synopsys by 3,273.6% in the first quarter. BlackRock Inc. now owns 12,796,224 shares of the semiconductor company’s stock worth $922,991,000 after buying an additional 12,416,921 shares during the last quarter. Dodge & Cox purchased a new position in Synopsys during the fourth quarter worth $678,107,000. State Street Corp boosted its position in Synopsys by 19.9% in the first quarter. State Street Corp now owns 7,240,263 shares of the semiconductor company’s stock worth $522,251,000 after buying an additional 1,201,269 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Synopsys by 8.7% in the first quarter. AQR Capital Management LLC now owns 2,046,089 shares of the semiconductor company’s stock worth $147,584,000 after buying an additional 163,681 shares during the last quarter. 89.96% of the stock is owned by institutional investors.
Several research firms have recently commented on SNPS. Bank of America Corp restated a “buy” rating and issued a $87.00 price objective (up from $80.00) on shares of Synopsys in a research note on Friday. DA Davidson reaffirmed a “buy” rating and issued a $85.00 target price (up previously from $77.00) on shares of Synopsys in a report on Friday. Pacific Crest reaffirmed an “overweight” rating and issued a $86.00 target price (up previously from $78.00) on shares of Synopsys in a report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 target price (up previously from $77.00) on shares of Synopsys in a report on Thursday, May 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $77.00 target price (up previously from $76.00) on shares of Synopsys in a report on Thursday, May 18th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $75.78.
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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