State of Alaska Department of Revenue Has $15.79 Million Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

State of Alaska Department of Revenue lessened its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 51.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,180 shares of the semiconductor company's stock after selling 33,523 shares during the quarter. State of Alaska Department of Revenue's holdings in Synopsys were worth $15,789,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SNPS. ORG Partners LLC grew its position in shares of Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 36 shares in the last quarter. Chris Bulman Inc acquired a new position in shares of Synopsys in the 2nd quarter worth approximately $30,000. Pacifica Partners Inc. acquired a new position in shares of Synopsys in the 3rd quarter worth approximately $25,000. Tsfg LLC grew its position in shares of Synopsys by 75.0% in the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company's stock worth $28,000 after acquiring an additional 24 shares in the last quarter. Finally, Fortitude Family Office LLC grew its position in shares of Synopsys by 66.7% in the 2nd quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company's stock worth $36,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company's stock.

Insider Activity

In other news, CEO Sassine Ghazi sold 10,293 shares of the company'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 sale, the chief executive officer now owns 62,568 shares in the company, valued at $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.66% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on Synopsys from $655.00 to $685.00 and gave the stock an "overweight" rating in a research report on Thursday, August 22nd. Robert W. Baird upped their price objective on Synopsys from $661.00 to $663.00 and gave the stock an "outperform" rating in a research note on Thursday, August 22nd. Rosenblatt Securities restated a "buy" rating and set a $635.00 price objective on shares of Synopsys in a research note on Friday, August 23rd. Mizuho began coverage on Synopsys in a research note on Tuesday, October 22nd. They set an "outperform" rating and a $650.00 price objective for the company. Finally, Piper Sandler lowered their price objective on Synopsys from $687.00 to $670.00 and set an "overweight" rating for the company in a research note on Thursday. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $643.00.

Synopsys Stock Up 1.3 %

SNPS stock traded up $6.33 during trading on Friday, reaching $501.58. 639,879 shares of the company's stock were exchanged, compared to its average volume of 1,071,530. Synopsys, Inc. has a 1-year low of $448.91 and a 1-year high of $629.38. The company's fifty day moving average price is $508.43 and its 200-day moving average price is $545.08. The firm has a market cap of $76.85 billion, a PE ratio of 54.52, a P/E/G ratio of 3.44 and a beta of 1.08.

Synopsys (NASDAQ:SNPS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.15. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The company's revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.17 earnings per share. As a group, sell-side analysts expect that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal 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.