First Trust Direct Indexing L.P. Cuts Holdings in Synopsys, Inc. (NASDAQ:SNPS)

First Trust Direct Indexing L.P. decreased its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,863 shares of the semiconductor company’s stock after selling 54 shares during the period. First Trust Direct Indexing L.P.’s holdings in Synopsys were worth $2,969,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SNPS. Evermay Wealth Management LLC lifted its position in Synopsys by 23.7% during the third quarter. Evermay Wealth Management LLC now owns 1,775 shares of the semiconductor company’s stock valued at $899,000 after purchasing an additional 340 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in Synopsys by 128.0% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 152,273 shares of the semiconductor company’s stock valued at $75,413,000 after buying an additional 85,475 shares during the last quarter. WD Rutherford LLC raised its stake in Synopsys by 47.7% during the 3rd quarter. WD Rutherford LLC now owns 1,647 shares of the semiconductor company’s stock valued at $834,000 after buying an additional 532 shares during the last quarter. Andina Capital Management LLC lifted its holdings in shares of Synopsys by 4.4% during the 3rd quarter. Andina Capital Management LLC now owns 693 shares of the semiconductor company’s stock valued at $351,000 after buying an additional 29 shares during the period. Finally, Davidson Capital Management Inc. boosted its stake in shares of Synopsys by 33,828.6% in the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock worth $2,405,000 after buying an additional 4,736 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

Shares of Synopsys stock opened at $536.42 on Thursday. The company has a fifty day moving average of $506.07 and a 200 day moving average of $544.36. The company has a market capitalization of $82.40 billion, a P/E ratio of 55.65, a P/E/G ratio of 3.52 and a beta of 1.08. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last released its earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the business posted $2.17 earnings per share. The firm’s revenue was up 12.7% on a year-over-year basis. Analysts forecast that Synopsys, Inc. will post 9.45 EPS for the current year.

Insider Transactions at Synopsys

In related news, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were 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 directly owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

SNPS has been the subject of a number of research reports. Berenberg Bank started coverage on Synopsys in a research report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective for the company. Piper Sandler lowered their price objective on shares of Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird raised their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $635.00 target price on shares of Synopsys in a report on Friday, August 23rd. Finally, Mizuho assumed coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price target on the stock. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $643.00.

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.