First Long Island Investors LLC Buys New Shares in Synopsys, Inc. (NASDAQ:SNPS)

First Long Island Investors LLC purchased a new stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 21,527 shares of the semiconductor company's stock, valued at approximately $10,901,000.

A number of other hedge funds also recently bought and sold shares of SNPS. Kingsview Wealth Management LLC acquired a new stake in Synopsys in the 1st quarter valued at about $239,000. Dorsey & Whitney Trust CO LLC raised its position in shares of Synopsys by 37.3% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 585 shares of the semiconductor company's stock worth $334,000 after acquiring an additional 159 shares in the last quarter. Tocqueville Asset Management L.P. raised its position in shares of Synopsys by 0.9% during the 1st quarter. Tocqueville Asset Management L.P. now owns 2,134 shares of the semiconductor company's stock worth $1,220,000 after acquiring an additional 20 shares in the last quarter. M&G Plc acquired a new stake in shares of Synopsys during the 1st quarter worth about $1,123,000. Finally, Nicolet Advisory Services LLC acquired a new stake in shares of Synopsys during the 1st quarter worth about $262,000. Institutional investors and hedge funds own 85.47% of the company's stock.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of the business's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of the transaction, the chief executive officer now directly owns 62,568 shares of the company's stock, valued at $34,655,789.52. The trade was a 14.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.66% of the company's stock.

Analyst Upgrades and Downgrades

SNPS has been the topic of several research analyst reports. Piper Sandler cut their target price on Synopsys from $687.00 to $670.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Needham & Company LLC reissued a "buy" rating and set a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. Rosenblatt Securities reissued a "buy" rating and set a $635.00 target price on shares of Synopsys in a research report on Friday, August 23rd. Loop Capital began coverage on Synopsys in a research report on Monday. They set a "buy" rating and a $675.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Synopsys from $655.00 to $685.00 and gave the stock an "overweight" rating in a research report on Thursday, August 22nd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys currently has a consensus rating of "Buy" and a consensus price target of $649.82.

Synopsys Price Performance

Shares of SNPS stock traded down $27.56 during midday trading on Friday, hitting $520.75. The company had a trading volume of 1,025,696 shares, compared to its average volume of 1,060,179. The company's 50 day simple moving average is $513.01 and its 200 day simple moving average is $545.41. Synopsys, Inc. has a 52-week low of $457.52 and a 52-week high of $629.38. The stock has a market cap of $79.99 billion, a price-to-earnings ratio of 55.36, a PEG ratio of 3.40 and a beta of 1.08.

Synopsys (NASDAQ:SNPS - Get Free Report) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping analysts' consensus estimates of $3.28 by $0.15. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. Synopsys's quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.17 earnings per share. Analysts anticipate that Synopsys, Inc. will post 9.45 EPS for the current year.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.