Rep. Byron Donalds Sells Synopsys, Inc. (NASDAQ:SNPS) Stock

Representative Byron Donalds (R-Florida) recently sold shares of Synopsys, Inc. NASDAQ: SNPS. In a filing disclosed on November 07th, the Representative disclosed that they had sold between $1,001 and $15,000 in Synopsys stock on October 1st. The trade occurred in the Representative's "MORAN WEALTH IRA" account.

Representative Byron Donalds also recently made the following trade(s):

• Purchased $1,001 - $15,000 in shares of McKesson NYSE: MCK on 10/1/2024.
• Sold $1,001 - $15,000 in shares of AppFolio NASDAQ: APPF on 10/1/2024.
• Purchased $1,001 - $15,000 in shares of NU NYSE: NU on 10/1/2024.

Synopsys Stock Performance

Shares of NASDAQ:SNPS traded down $12.04 during midday trading on Friday, hitting $561.55. The company's stock had a trading volume of 967,233 shares, compared to its average volume of 1,067,591. The business's 50 day simple moving average is $507.77 and its 200 day simple moving average is $544.81. The company has a market cap of $86.26 billion, a P/E ratio of 58.25, a price-to-earnings-growth ratio of 3.37 and a beta of 1.08. Synopsys, Inc. has a 12-month low of $457.52 and a 12-month high of $629.38.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued 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. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm earned $2.17 earnings per share. Synopsys's quarterly revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts predict that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SNPS has been the subject of a number of recent analyst reports. Rosenblatt Securities reiterated a "buy" rating and set a $635.00 price target on shares of Synopsys in a research report on Friday, August 23rd. Berenberg Bank began coverage on shares of Synopsys in a report on Tuesday, October 15th. They issued a "buy" rating and a $660.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $640.00 price objective on shares of Synopsys in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Synopsys from $655.00 to $685.00 and gave the company an "overweight" rating in a report on Thursday, August 22nd. Finally, Mizuho initiated coverage on shares of Synopsys in a report on Tuesday, October 22nd. They set an "outperform" rating and a $650.00 price target for the company. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Synopsys presently has an average rating of "Buy" and an average target price of $643.00.

Institutional Trading of Synopsys

Institutional investors have recently modified their holdings of the stock. Norden Group LLC raised its position in Synopsys by 24.3% in the 1st quarter. Norden Group LLC now owns 567 shares of the semiconductor company's stock valued at $324,000 after purchasing an additional 111 shares during the last quarter. Jennison Associates LLC increased its stake in Synopsys by 33.2% in the 1st quarter. Jennison Associates LLC now owns 9,551 shares of the semiconductor company's stock valued at $5,458,000 after buying an additional 2,379 shares during the period. Advisory Alpha LLC acquired a new position in Synopsys in the 1st quarter valued at $207,000. Gallacher Capital Management LLC acquired a new position in Synopsys in the 1st quarter valued at $201,000. Finally, Envestnet Portfolio Solutions Inc. increased its stake in Synopsys by 43.4% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 11,587 shares of the semiconductor company's stock valued at $6,622,000 after buying an additional 3,505 shares during the period. Hedge funds and other institutional investors own 85.47% of the company's stock.

Insider Transactions at Synopsys

In related news, CEO Sassine Ghazi sold 10,293 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $553.89, for a total value of $5,701,189.77. Following the sale, the chief executive officer now directly owns 62,568 shares of the company's stock, valued at approximately $34,655,789.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.66% of the company's stock.

About Representative Donalds

Byron Donalds (Republican Party) is a member of the U.S. House, representing Florida's 19th Congressional District. He assumed office on January 3, 2021. His current term ends on January 3, 2025. Donalds (Republican Party) is running for re-election to the U.S. House to represent Florida's 19th Congressional District. He declared candidacy for the Republican primary scheduled on August 20, 2024. Donalds was a potential 2014 Republican candidate seeking election to the U.S. House to represent the 19th Congressional District of Florida. Donalds filed campaign finance reports with the Federal Election Commission but failed to file a statement of candidacy with the FEC or Florida Division of Elections. He was a 2012 Republican candidate who sought election to the U.S. House to represent the 19th Congressional District of Florida. Donalds was defeated by Trey Radel in the Republican primary on August 14, 2012. Byron Donalds was born in Brooklyn, New York, and lives in Naples, Florida. Donalds earned a bachelor's degree in finance and marketing from Florida State University in 2002. His career experience includes working as a commercial credit officer in banking and as a portfolio manager in financial services.

Synopsys Company Profile

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.