Principal Financial Group Inc. Reduces Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

by · The Cerbat Gem

Principal Financial Group Inc. reduced its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS – Free Report) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 264,472 shares of the semiconductor company’s stock after selling 3,723 shares during the quarter. Principal Financial Group Inc. owned 0.17% of Synopsys worth $121,385,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quent Capital LLC increased its holdings in shares of Synopsys by 1.9% in the 3rd quarter. Quent Capital LLC now owns 1,138 shares of the semiconductor company’s stock valued at $522,000 after acquiring an additional 21 shares during the last quarter. UMB Bank n.a. boosted its holdings in Synopsys by 1.3% in the third quarter. UMB Bank n.a. now owns 1,719 shares of the semiconductor company’s stock worth $789,000 after purchasing an additional 22 shares during the period. Wedmont Private Capital increased its stake in Synopsys by 0.8% during the second quarter. Wedmont Private Capital now owns 2,989 shares of the semiconductor company’s stock valued at $1,357,000 after purchasing an additional 23 shares during the last quarter. Level Four Advisory Services LLC raised its holdings in shares of Synopsys by 2.6% during the second quarter. Level Four Advisory Services LLC now owns 895 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 23 shares during the period. Finally, State of Wyoming lifted its position in shares of Synopsys by 23.1% in the 2nd quarter. State of Wyoming now owns 128 shares of the semiconductor company’s stock worth $56,000 after buying an additional 24 shares during the last quarter. Institutional investors own 84.12% of the company’s stock.

Synopsys Stock Up 4.6 %

Shares of Synopsys stock opened at $517.31 on Friday. The stock’s fifty day moving average is $528.24 and its 200-day moving average is $482.55. The firm has a market capitalization of $78.63 billion, a PE ratio of 65.15, a price-to-earnings-growth ratio of 3.48 and a beta of 1.07. Synopsys, Inc. has a 12-month low of $329.89 and a 12-month high of $573.77.

Synopsys (NASDAQ:SNPS – Get Free Report) last announced its earnings results on Wednesday, November 29th. The semiconductor company reported $3.17 EPS for the quarter, topping the consensus estimate of $3.04 by $0.13. Synopsys had a net margin of 21.05% and a return on equity of 20.85%. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the company posted $0.99 earnings per share. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. Analysts expect that Synopsys, Inc. will post 8.71 EPS for the current year.

Insider Buying and Selling at Synopsys

In other news, CRO Richard S. Mahoney sold 9,065 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $494.70, for a total value of $4,484,455.50. Following the completion of the sale, the executive now owns 1,617 shares of the company’s stock, valued at $799,929.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CRO Richard S. Mahoney sold 9,065 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $494.70, for a total transaction of $4,484,455.50. Following the completion of the sale, the executive now directly owns 1,617 shares in the company, valued at $799,929.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John F. Runkel, Jr. sold 2,508 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $506.18, for a total transaction of $1,269,499.44. Following the completion of the transaction, the insider now owns 26,780 shares in the company, valued at approximately $13,555,500.40. The disclosure for this sale can be found here. Insiders have sold a total of 15,073 shares of company stock valued at $7,485,405 in the last three months. 0.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SNPS shares. Stifel Nicolaus reiterated a “buy” rating and set a $550.00 price objective on shares of Synopsys in a research note on Monday, November 27th. Wells Fargo & Company increased their price target on Synopsys from $620.00 to $630.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 13th. StockNews.com lowered shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 10th. Needham & Company LLC raised their price target on shares of Synopsys from $500.00 to $660.00 and gave the company a “buy” rating in a research note on Thursday, November 30th. Finally, Morgan Stanley assumed coverage on Synopsys in a research report on Friday, November 10th. They set an “overweight” rating and a $600.00 price objective for the company. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $576.60.

View Our Latest Report on SNPS

About Synopsys

(Free Report)

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.

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