Dana Investment Advisors Inc. Trims Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Dana Investment Advisors Inc. cut its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 4.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,230 shares of the semiconductor company’s stock after selling 602 shares during the period. Dana Investment Advisors Inc.’s holdings in Synopsys were worth $7,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in SNPS. Andina Capital Management LLC boosted its stake in shares of Synopsys by 2.8% in the second quarter. Andina Capital Management LLC now owns 664 shares of the semiconductor company’s stock worth $395,000 after buying an additional 18 shares during the last quarter. Cascade Financial Partners LLC grew its stake in shares of Synopsys by 4.9% during the 2nd quarter. Cascade Financial Partners LLC now owns 389 shares of the semiconductor company’s stock worth $232,000 after purchasing an additional 18 shares during the period. Hazlett Burt & Watson Inc. increased its holdings in shares of Synopsys by 40.0% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $40,000 after purchasing an additional 20 shares in the last quarter. Ignite Planners LLC lifted its stake in shares of Synopsys by 3.5% in the 1st quarter. Ignite Planners LLC now owns 596 shares of the semiconductor company’s stock valued at $344,000 after purchasing an additional 20 shares during the period. Finally, Monument Capital Management boosted its holdings in Synopsys by 1.1% during the first quarter. Monument Capital Management now owns 1,880 shares of the semiconductor company’s stock worth $1,074,000 after buying an additional 20 shares in the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SNPS. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a research report on Friday, August 23rd. JPMorgan Chase & Co. upped their price target on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler reissued an “overweight” rating and issued a $687.00 price objective on shares of Synopsys in a report on Thursday, August 22nd. KeyCorp upped their target price on Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research note on Thursday, August 22nd. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Synopsys currently has a consensus rating of “Buy” and a consensus target price of $638.00.

Synopsys Stock Performance

Shares of SNPS stock opened at $495.56 on Wednesday. Synopsys, Inc. has a fifty-two week low of $448.26 and a fifty-two week high of $629.38. The stock’s fifty day moving average is $515.05 and its two-hundred day moving average is $553.60. The firm has a market capitalization of $76.12 billion, a P/E ratio of 53.87, a PEG ratio of 3.39 and a beta of 1.08.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share 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 firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the business posted $2.17 earnings per share. Synopsys’s quarterly revenue was up 12.7% on a year-over-year basis. On average, equities analysts forecast that Synopsys, Inc. will post 9.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Geus Aart De sold 5,448 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $620.95, for a total value of $3,382,935.60. Following the completion of the sale, the insider now owns 106,983 shares of the company’s stock, valued at $66,431,093.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Synopsys news, insider Geus Aart De sold 5,448 shares of Synopsys stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $620.95, for a total transaction of $3,382,935.60. Following the transaction, the insider now directly owns 106,983 shares of the company’s stock, valued at $66,431,093.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the sale, the chief executive officer now owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. The disclosure for this sale can be found here. Insiders sold 52,635 shares of company stock valued at $31,921,800 in the last three months. 0.66% of the stock is currently owned by 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.