Synopsys, Inc. (SNPS) CEO Sells $290,625.00 in Stock
Synopsys, Inc. (NASDAQ:SNPS) CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $77.50, for a total value of $290,625.00. Following the completion of the transaction, the chief executive officer now directly owns 200,429 shares in the company, valued at $15,533,247.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Shares of Synopsys, Inc. (SNPS) traded up 0.95% during midday trading on Monday, hitting $77.95. The company had a trading volume of 811,450 shares. Synopsys, Inc. has a one year low of $56.03 and a one year high of $79.66. The firm has a market cap of $11.71 billion, a price-to-earnings ratio of 36.60 and a beta of 1.02. The company’s 50 day moving average is $75.74 and its 200 day moving average is $72.88.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.92. The company had revenue of $695.40 million during the quarter, compared to the consensus estimate of $691.22 million. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The firm’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.76 EPS. Equities analysts forecast that Synopsys, Inc. will post $3.31 earnings per share for the current fiscal year.
Synopsys announced that its board has initiated a stock repurchase program on Friday, June 16th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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Several research firms have recently weighed in on SNPS. Credit Suisse Group reaffirmed a “positive” rating and issued a $90.00 price objective (up from $82.00) on shares of Synopsys in a research note on Tuesday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $83.00 price objective (up from $77.00) on shares of Synopsys in a research note on Thursday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $85.00 price objective (up from $77.00) on shares of Synopsys in a research note on Thursday, May 18th. BidaskClub upgraded Synopsys from a “buy” rating to a “strong-buy” rating in a report on Thursday. Finally, Zacks Investment Research upgraded Synopsys from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a report on Monday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $83.38.
Several hedge funds have recently added to or reduced their stakes in SNPS. Breton Hill Capital Ltd. increased its stake in Synopsys by 488.7% in the first quarter. Breton Hill Capital Ltd. now owns 17,175 shares of the semiconductor company’s stock valued at $1,239,000 after buying an additional 21,594 shares during the period. Russell Investments Group Ltd. increased its stake in Synopsys by 15.2% in the first quarter. Russell Investments Group Ltd. now owns 696,062 shares of the semiconductor company’s stock valued at $50,208,000 after buying an additional 91,595 shares during the period. Strs Ohio increased its stake in Synopsys by 9.7% in the first quarter. Strs Ohio now owns 15,507 shares of the semiconductor company’s stock valued at $1,118,000 after buying an additional 1,369 shares during the period. Shell Asset Management Co. increased its stake in Synopsys by 9.5% in the first quarter. Shell Asset Management Co. now owns 149,433 shares of the semiconductor company’s stock valued at $10,779,000 after buying an additional 12,938 shares during the period. Finally, First Citizens Bank & Trust Co. increased its stake in Synopsys by 16.9% in the first quarter. First Citizens Bank & Trust Co. now owns 6,325 shares of the semiconductor company’s stock valued at $456,000 after buying an additional 913 shares during the period. Institutional investors own 90.98% of the company’s stock.
Synopsys Company Profile
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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