Frank Rimerman Advisors LLC Sells 655 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Frank Rimerman Advisors LLC trimmed its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 18.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 2,908 shares of the semiconductor company’s stock after selling 655 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Synopsys were worth $1,473,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Kingsview Wealth Management LLC bought a new stake in shares of Synopsys in the 1st quarter worth approximately $239,000. Concurrent Investment Advisors LLC bought a new stake in shares of Synopsys in the 1st quarter worth approximately $218,000. Jacobs & Co. CA bought a new stake in shares of Synopsys in the 3rd quarter worth approximately $10,554,000. Vontobel Holding Ltd. grew its position in shares of Synopsys by 4.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 965,256 shares of the semiconductor company’s stock worth $488,796,000 after buying an additional 43,228 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its position in shares of Synopsys by 44.9% in the 1st quarter. Axxcess Wealth Management LLC now owns 4,030 shares of the semiconductor company’s stock worth $2,303,000 after buying an additional 1,249 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Synopsys

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

Synopsys Stock Up 1.3 %

NASDAQ SNPS opened at $501.58 on Friday. The stock’s 50 day moving average is $508.43 and its 200 day moving average is $545.19. The firm has a market capitalization of $77.05 billion, a PE ratio of 52.03, a P/E/G ratio of 3.44 and a beta of 1.08. Synopsys, Inc. has a twelve month low of $448.91 and a twelve month high of $629.38.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.28 by $0.15. The business 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%. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.17 earnings per share. On average, research analysts anticipate that Synopsys, Inc. will post 9.45 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. 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. Berenberg Bank assumed coverage on Synopsys in a research report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price objective on the stock. Piper Sandler cut their price objective on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research report on Thursday. Needham & Company LLC restated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Tuesday, October 22nd. Finally, Mizuho assumed coverage on Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price target on the stock. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $643.00.

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.