Synopsys, Inc. (NASDAQ: SNPS) CFO Trac Pham sold 17,831 shares of the company in a trade that took place on Thursday, June 24. The stock was sold for an average price of $ 273.19, for a total value of $ 4,871,250.89. Following the completion of the sale, the CFO now directly owns 48,978 shares of the company, valued at approximately $ 13,380,299.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
SNPS shares traded up $ 5.00 during Monday’s noon session, reaching $ 273.97. The stock had a trade volume of 37,867 shares, compared to its average volume of 910,567. Synopsys, Inc. has a 52-week low of $ 186.32 and a 52-week high of $ 300.91. The company has a quick ratio of 1.09, a current ratio of 1.19, and a debt ratio of 0.01. The company has a 50-day moving average of $ 251.29. The company has a market cap of $ 41.80 billion, a P / E ratio of 53.10, a P / E / G ratio of 3.97 and a beta of 1.04.
Synopsys (NASDAQ: SNPS) last released its quarterly earnings data on Tuesday, May 18. The semiconductor company reported EPS of $ 1.70 for the quarter, beating the Zacks consensus estimate of $ 1.53 by $ 0.17. Synopsys has a return on equity of 16.58% and a net margin of 20.27%. The company posted revenue of $ 1.02 billion for the quarter, compared to a consensus estimate of $ 988.20 million. In the same quarter of the previous year, the company made EPS of $ 1.22. The company’s quarterly revenue increased 18.9% compared to the same quarter last year. Sell-side analysts expect Synopsys, Inc. to post earnings per share of 4.63 for the current year.
Synopsys said its board of directors launched a share buyback program on Thursday, June 17 that allows the company to repurchase $ 500.00 million of outstanding shares. This buyback authorization authorizes the semiconductor company to buy back up to 1.2% of its shares through open market purchases. Share buyback programs are often a sign that company management believes its shares are undervalued.
Several hedge funds and other institutional investors have recently changed their holdings of equities. BlackRock Inc. increased its stake in Synopsys shares by 2.4% in the 1st quarter. BlackRock Inc. now owns 13,083,698 shares of the semiconductor company valued at $ 3,241,878,000 after acquiring an additional 306,362 shares during the last quarter. Franklin Resources Inc. increased its position in Synopsys by 7.1% in the first quarter. Franklin Resources Inc. now owns 3,608,212 shares of the semiconductor company valued at $ 893,981,000 after purchasing an additional 240,668 shares in the last quarter. Parnassus Investments CA strengthened its position in Synopsys by 0.3% during the fourth quarter. Parnassus Investments CA now owns 3,043,830 shares of the semiconductor company valued at $ 789,082,000 after purchasing an additional 8,976 shares during the last quarter. Geode Capital Management LLC strengthened its position in Synopsys by 2.0% during the first quarter. Geode Capital Management LLC now owns 2,771,000 shares of the semiconductor company valued at $ 684,877,000 after purchasing an additional 53,935 shares in the last quarter. Finally, Nuveen Asset Management LLC strengthened its position in Synopsys by 17.7% during the first quarter. Nuveen Asset Management LLC now owns 2,580,069 shares of the semiconductor company valued at $ 639,290,000 after purchasing an additional 388,612 shares in the last quarter. Institutional investors and hedge funds hold 85.01% of the company’s shares.
Separately, Rosenblatt Securities launched coverage on Synopsys in a report on Tuesday, June 1. They issued a “buy” note and a target price of $ 302.00 on the stock. One analyst rated the stock with a sell rating, two issued a conservation rating, and ten issued a buy rating for the stock. Synopsys currently has a consensus rating of “Buy” and an average target price of $ 289.92.
Synopsys, Inc. provides electronic design automation software products used to design and test integrated circuits. It offers Fusion Design Platform, a digital design implementation solution; Verification Continuity Platform that provides virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA) based prototyping, and debugging solutions; and FPGA design products that are programmed to perform specific functions.
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