Synopsys, Inc. (NASDAQ:SNPS) Shares Purchased by AlphaCore Capital LLC

AlphaCore Capital LLC raised its stake in Synopsys, Inc. (NASDAQ:SNPS) by 13.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,450 shares of the semiconductor company’s stock after buying an additional 640 shares during the quarter. Synopsys makes up approximately 0.6% of AlphaCore Capital LLC’s investment portfolio, making the stock its 28th largest position. AlphaCore Capital LLC’s holdings in Synopsys were worth $2,760,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in Synopsys by 39.6% during 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 purchasing an additional 1,514,449 shares during the period. Edgewood Management LLC raised its position in shares of Synopsys by 18.9% during the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after buying an additional 487,025 shares during the period. Swedbank AB lifted 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 valued at $1,110,461,000 after acquiring an additional 25,999 shares during the last quarter. Van ECK Associates Corp grew its position in Synopsys by 26.5% in the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after acquiring an additional 335,993 shares during the period. Finally, Parnassus Investments LLC acquired a new stake in Synopsys during the third quarter worth $633,469,000. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Stock Performance

Shares of Synopsys stock opened at $557.73 on Friday. The business has a 50-day simple moving average of $519.28 and a 200-day simple moving average of $545.55. The company has a market cap of $85.67 billion, a PE ratio of 57.86, a P/E/G ratio of 3.26 and a beta of 1.08. Synopsys, Inc. has a one year low of $457.52 and a one year high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, topping the consensus estimate of $3.28 by $0.15. The firm 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 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, sell-side analysts predict that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SNPS shares. Piper Sandler lowered their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Needham & Company LLC reiterated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Tuesday, October 22nd. Rosenblatt Securities restated a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Friday, August 23rd. Loop Capital initiated coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price for the company. Finally, Robert W. Baird boosted their price objective on Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $644.36.

Synopsys Company 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.