Amalgamated Bank Sells 508 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Amalgamated Bank trimmed its stake in Synopsys, Inc. (NASDAQ:SNPS) by 1.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,747 shares of the semiconductor company’s stock after selling 508 shares during the quarter. Amalgamated Bank’s holdings in Synopsys were worth $19,486,000 at the end of the most recent quarter.

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

Synopsys Stock Performance

Synopsys stock opened at $502.25 on Wednesday. The stock has a market cap of $76.95 billion, a PE ratio of 54.59, a price-to-earnings-growth ratio of 3.23 and a beta of 1.08. Synopsys, Inc. has a one year low of $440.62 and a one year high of $629.38. The stock has a fifty day moving average of $532.47 and a 200 day moving average of $558.06.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. Synopsys’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.17 earnings per share. As a group, sell-side analysts predict that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

Analysts Set New Price Targets

SNPS has been the topic of a number of research analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $635.00 price target on shares of Synopsys in a report on Friday, August 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 price target on shares of Synopsys in a report on Thursday, August 22nd. KeyCorp upped their price target on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Piper Sandler reaffirmed an “overweight” rating and set a $687.00 price target on shares of Synopsys in a report on Thursday, August 22nd. Finally, Robert W. Baird upped their price target on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys currently has an average rating of “Buy” and a consensus target price of $630.09.

Insider Activity at Synopsys

In other Synopsys news, insider Geus Aart De sold 27,753 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $618.58, for a total value of $17,167,450.74. Following the completion of the sale, the insider now owns 106,983 shares in the company, valued at $66,177,544.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Synopsys news, insider Geus Aart De sold 27,753 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $618.58, for a total value of $17,167,450.74. Following the completion of the sale, the insider now owns 106,983 shares in the company, valued at $66,177,544.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sassine Ghazi sold 10,293 shares of the company’s stock in a transaction dated 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 completion of 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. Over the last 90 days, insiders sold 73,687 shares of company stock worth $44,616,637. 0.66% of the stock is owned by insiders.

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.