Fifth Third Bancorp Sells 6,384 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Fifth Third Bancorp lessened its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 3.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 194,763 shares of the semiconductor company’s stock after selling 6,384 shares during the period. Fifth Third Bancorp’s holdings in Synopsys were worth $83,524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Fiera Capital Corp increased its holdings in Synopsys by 33.8% during the fourth quarter. Fiera Capital Corp now owns 196,391 shares of the semiconductor company’s stock valued at $95,320,000 after buying an additional 49,653 shares during the last quarter. Bancreek Capital Management LP bought a new stake in shares of Synopsys during the 4th quarter valued at $3,827,000. Meridiem Investment Management Ltd. increased its stake in shares of Synopsys by 13.1% in the 4th quarter. Meridiem Investment Management Ltd. now owns 557,174 shares of the semiconductor company’s stock worth $270,322,000 after purchasing an additional 64,322 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Synopsys by 7.6% in the 4th quarter. CIBC Asset Management Inc now owns 74,789 shares of the semiconductor company’s stock worth $36,300,000 after purchasing an additional 5,253 shares during the period. Finally, Davidson Capital Management Inc. lifted its position in Synopsys by 23.7% during the fourth quarter. Davidson Capital Management Inc. now owns 5,874 shares of the semiconductor company’s stock valued at $2,851,000 after purchasing an additional 1,124 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on SNPS. Rosenblatt Securities reduced their price target on Synopsys from $660.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, May 29th. KeyCorp set a $540.00 target price on shares of Synopsys in a report on Tuesday, June 3rd. Mizuho dropped their price target on shares of Synopsys from $650.00 to $600.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Bank of America decreased their price objective on shares of Synopsys from $630.00 to $560.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company lowered their target price on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $607.14.

Insider Activity

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $457.93, for a total value of $5,204,832.38. Following the sale, the chief executive officer now owns 71,589 shares in the company, valued at $32,782,750.77. This trade represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of Synopsys stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the sale, the chief financial officer now owns 15,291 shares of the company’s stock, valued at $7,427,144.52. The trade was a 32.34% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company’s stock.

Synopsys Stock Down 0.7%

SNPS opened at $500.73 on Thursday. The company has a market capitalization of $77.69 billion, a PE ratio of 34.49, a price-to-earnings-growth ratio of 3.23 and a beta of 1.11. The firm has a 50-day simple moving average of $462.08 and a two-hundred day simple moving average of $482.81. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.40 by $0.27. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.60 billion. Synopsys had a net margin of 36.12% and a return on equity of 20.48%. Synopsys’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business earned $3.00 earnings per share. As a group, sell-side analysts expect that Synopsys, Inc. will post 10.64 earnings per share for the current year.

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.