OVERSEA CHINESE BANKING Corp Ltd Increases Holdings in Synopsys, Inc. (NASDAQ:SNPS)

OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 59.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,300 shares of the semiconductor company's stock after buying an additional 9,399 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Synopsys were worth $12,812,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. WealthPlan Investment Management LLC bought a new position in Synopsys during the third quarter worth $1,420,000. WealthPLAN Partners LLC bought a new stake in shares of Synopsys in the third quarter valued at about $1,111,000. GSA Capital Partners LLP bought a new stake in shares of Synopsys in the third quarter valued at about $467,000. Waverton Investment Management Ltd boosted its position in shares of Synopsys by 20.9% in the third quarter. Waverton Investment Management Ltd now owns 331,825 shares of the semiconductor company's stock valued at $168,129,000 after acquiring an additional 57,373 shares during the period. Finally, Apollon Wealth Management LLC boosted its position in shares of Synopsys by 5.0% in the third quarter. Apollon Wealth Management LLC now owns 4,505 shares of the semiconductor company's stock valued at $2,281,000 after acquiring an additional 214 shares during the period. 85.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $635.00 price objective on shares of Synopsys in a research report on Friday, August 23rd. Loop Capital started coverage on Synopsys in a research note on Monday. They set a "buy" rating and a $675.00 target price for the company. Berenberg Bank started coverage on Synopsys in a research note on Tuesday, October 15th. They issued a "buy" rating and a $660.00 price objective for the company. Mizuho started coverage on Synopsys in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $650.00 price objective for the company. Finally, Robert W. Baird upped their price objective on Synopsys from $661.00 to $663.00 and gave the company an "outperform" rating in a research note on Thursday, August 22nd. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $649.82.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 10,293 shares of the 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 transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at $34,655,789.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.66% of the stock is owned by company insiders.

Synopsys Stock Performance

Shares of Synopsys stock traded down $4.32 on Tuesday, reaching $551.94. 201,417 shares of the company's stock were exchanged, compared to its average volume of 1,061,626. Synopsys, Inc. has a 52 week low of $457.52 and a 52 week high of $629.38. The firm's 50-day moving average is $508.51 and its two-hundred day moving average is $545.23. The company has a market capitalization of $84.79 billion, a P/E ratio of 57.70, a price-to-earnings-growth ratio of 3.42 and a beta of 1.08.

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