WealthPlan Investment Management LLC Invests $1.42 Million in Synopsys, Inc. (NASDAQ:SNPS)

WealthPlan Investment Management LLC purchased a new stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,805 shares of the semiconductor company's stock, valued at approximately $1,420,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Synopsys by 2.1% during the first quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company's stock valued at $7,903,478,000 after purchasing an additional 278,265 shares during the period. Capital World Investors grew its stake in Synopsys by 12.5% during the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company's stock valued at $4,211,892,000 after acquiring an additional 818,485 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Synopsys by 39.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company's stock valued at $3,050,441,000 after buying an additional 1,514,449 shares in the last quarter. GQG Partners LLC lifted its holdings in shares of Synopsys by 91.6% during the first quarter. GQG Partners LLC now owns 2,095,100 shares of the semiconductor company's stock worth $1,197,350,000 after buying an additional 1,001,371 shares during the last quarter. Finally, Swedbank AB raised its stake in shares of Synopsys by 1.4% in the second quarter. Swedbank AB now owns 1,866,133 shares of the semiconductor company's stock valued at $1,110,461,000 after purchasing an additional 25,999 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company's stock.

Insider Buying and Selling

In other news, CEO Sassine Ghazi sold 10,293 shares of the company's stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at approximately $34,655,789.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SNPS has been the subject of a number of research reports. Robert W. Baird lifted their price objective on Synopsys from $661.00 to $663.00 and gave the stock an "outperform" rating in a research report on Thursday, August 22nd. Needham & Company LLC reiterated a "buy" rating and set a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. Piper Sandler lowered their target price on Synopsys from $687.00 to $670.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Berenberg Bank began coverage on Synopsys in a research note on Tuesday, October 15th. They set a "buy" rating and a $660.00 target price for the company. Finally, Loop Capital started coverage on Synopsys in a report on Monday. They issued a "buy" rating and a $675.00 target price on the stock. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $649.82.

Synopsys Stock Down 0.9 %

SNPS stock traded down $5.12 during midday trading on Tuesday, hitting $551.14. The company's stock had a trading volume of 191,284 shares, compared to its average volume of 1,061,485. Synopsys, Inc. has a 52-week low of $457.52 and a 52-week high of $629.38. The firm has a market capitalization of $84.66 billion, a P/E ratio of 57.70, a PEG ratio of 3.42 and a beta of 1.08. The firm has a 50-day simple moving average of $508.51 and a 200-day simple moving average of $545.23.

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

Synopsys 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.