Meiji Yasuda Asset Management Co Ltd. reduced its stake in Synopsys, Inc. (NASDAQ:SNPS) by 73.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 6,093 shares of the semiconductor company’s stock after selling 16,923 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Synopsys were worth $702,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Lunia Capital LP purchased a new stake in Synopsys in the fourth quarter worth $18,330,000. Vanguard Group Inc raised its position in shares of Synopsys by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 15,851,502 shares of the semiconductor company’s stock worth $1,563,115,000 after purchasing an additional 204,619 shares during the last quarter. BlackRock Inc. increased its holdings in Synopsys by 1.1% in the 1st quarter. BlackRock Inc. now owns 12,336,835 shares of the semiconductor company’s stock worth $1,420,588,000 after buying an additional 134,481 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Synopsys by 40.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,273,032 shares of the semiconductor company’s stock worth $607,189,000 after buying an additional 1,513,575 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in Synopsys by 21.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,445,826 shares of the semiconductor company’s stock worth $206,037,000 after buying an additional 439,292 shares in the last quarter. 91.89% of the stock is currently owned by institutional investors.
Synopsys stock opened at $124.07 on Friday. The stock has a market cap of $19.00 billion, a price-to-earnings ratio of 43.99, a PEG ratio of 3.80 and a beta of 1.26. Synopsys, Inc. has a 52-week low of $79.14 and a 52-week high of $127.91. The company has a quick ratio of 0.85, a current ratio of 0.95 and a debt-to-equity ratio of 0.03.
Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.04. The business had revenue of $836.20 million during the quarter, compared to the consensus estimate of $829.41 million. Synopsys had a return on equity of 16.88% and a net margin of 18.74%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.08 EPS. On average, sell-side analysts expect that Synopsys, Inc. will post 3.03 earnings per share for the current fiscal year.
In related news, CEO Chi-Foon Chan sold 5,105 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $117.15, for a total transaction of $598,050.75. Following the completion of the transaction, the chief executive officer now directly owns 204,117 shares in the company, valued at approximately $23,912,306.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Sudhindra Kankanwadi sold 3,133 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $121.88, for a total value of $381,850.04. Following the transaction, the vice president now owns 8,416 shares of the company’s stock, valued at $1,025,742.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 187,888 shares of company stock valued at $22,055,444. 1.84% of the stock is currently owned by corporate insiders.
Several research firms recently commented on SNPS. BidaskClub upgraded Synopsys from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Bank of America reiterated an “average” rating on shares of Synopsys in a report on Wednesday, June 5th. Zacks Investment Research downgraded Synopsys from a “buy” rating to a “hold” rating and set a $124.00 price objective for the company. in a report on Wednesday, May 29th. Wells Fargo & Co began coverage on Synopsys in a report on Tuesday, May 14th. They issued an “outperform” rating and a $135.00 price objective for the company. Finally, Royal Bank of Canada lifted their price objective on Synopsys from $130.00 to $140.00 and gave the stock a “top pick” rating in a report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Synopsys currently has an average rating of “Buy” and a consensus target price of $124.00.
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Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits (ICs). It offers Fusion Design Platform, a digital design implementation solution; Verification Continuum Platform, which provides 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.
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