Huntington National Bank Lowers Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Huntington National Bank reduced its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 38.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,986 shares of the semiconductor company’s stock after selling 14,358 shares during the period. Huntington National Bank’s holdings in Synopsys were worth $11,640,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. ORG Partners LLC raised its holdings in Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 36 shares during the last quarter. Pacifica Partners Inc. purchased a new position in shares of Synopsys during the third quarter worth $25,000. Tsfg LLC grew its position in Synopsys by 75.0% in the 3rd quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 24 shares in the last quarter. Chris Bulman Inc acquired a new position in shares of Synopsys in the second quarter valued at approximately $30,000. Finally, Hazlett Burt & Watson Inc. increased its position in shares of Synopsys by 40.0% during the third quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.

Synopsys Stock Performance

Synopsys stock opened at $548.31 on Friday. The company has a market capitalization of $84.23 billion, a price-to-earnings ratio of 56.88, a PEG ratio of 3.40 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. The stock has a fifty day moving average of $511.56 and a two-hundred day moving average of $545.39.

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, beating analysts’ consensus estimates of $3.28 by $0.15. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. Synopsys’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.17 earnings per share. On average, analysts forecast that Synopsys, Inc. will post 9.45 EPS for the current fiscal year.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of the business’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 transaction, the chief executive officer now directly owns 62,568 shares of the company’s stock, valued at approximately $34,655,789.52. The trade was a 14.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

SNPS has been the topic of a number of recent research reports. Robert W. Baird upped their target price on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a report on Tuesday, October 22nd. Mizuho initiated coverage on Synopsys in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price target on the stock. Loop Capital initiated coverage on shares of Synopsys in a research report on Monday. They set a “buy” rating and a $675.00 price objective for the company. Finally, Berenberg Bank started coverage on Synopsys in a report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price target for the company. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $649.82.

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.