Perigon Wealth Management LLC Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Perigon Wealth Management LLC lifted its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 11.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,341 shares of the semiconductor company’s stock after purchasing an additional 137 shares during the period. Perigon Wealth Management LLC’s holdings in Synopsys were worth $690,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SNPS. OFI Invest Asset Management purchased a new stake in Synopsys during the third quarter valued at approximately $26,000. Freedom Wealth Alliance LLC purchased a new stake in Synopsys during the fourth quarter valued at approximately $26,000. Venturi Wealth Management LLC purchased a new stake in Synopsys during the third quarter valued at approximately $27,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Synopsys during the third quarter valued at approximately $29,000. Finally, VitalStone Financial LLC purchased a new stake in Synopsys during the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

NASDAQ:SNPS opened at $557.16 on Monday. The firm has a market capitalization of $84.97 billion, a P/E ratio of 61.36, a PEG ratio of 3.25 and a beta of 1.06. Synopsys, Inc. has a 1-year low of $360.36 and a 1-year high of $629.38. The company’s fifty day moving average price is $569.84 and its 200-day moving average price is $532.40.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.43 by $0.13. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.65 billion. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The firm’s revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the business earned $1.75 earnings per share. Equities analysts anticipate that Synopsys, Inc. will post 9.78 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Robert W. Baird increased their target price on shares of Synopsys from $624.00 to $640.00 and gave the company an “outperform” rating in a research report on Thursday, February 22nd. Piper Sandler began coverage on shares of Synopsys in a research note on Thursday, April 4th. They set an “overweight” rating and a $665.00 price target on the stock. StockNews.com upgraded shares of Synopsys from a “hold” rating to a “buy” rating in a research note on Monday, March 18th. Rosenblatt Securities restated a “buy” rating and set a $615.00 price target on shares of Synopsys in a research note on Thursday, March 21st. Finally, Needham & Company LLC restated a “buy” rating and set a $660.00 price target on shares of Synopsys in a research note on Friday, March 22nd. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys has a consensus rating of “Buy” and a consensus target price of $601.00.

Insider Activity at Synopsys

In related news, CEO Sassine Ghazi sold 10,294 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the sale, the chief executive officer now owns 61,863 shares in the company, valued at $35,726,501.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Synopsys news, Director Roy Vallee sold 10,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $11,453,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the transaction, the chief executive officer now directly owns 61,863 shares in the company, valued at $35,726,501.13. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,832 shares of company stock worth $15,464,992. 0.66% of the stock is owned by company insiders.

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.