State of Michigan Retirement System Has $23.90 Million Stake in Synopsys, Inc. (NASDAQ:SNPS)

State of Michigan Retirement System increased its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 41,827 shares of the semiconductor company’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Synopsys were worth $23,904,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Mutual Advisors LLC boosted its position in Synopsys by 3.1% in the third quarter. Mutual Advisors LLC now owns 855 shares of the semiconductor company’s stock valued at $392,000 after buying an additional 26 shares in the last quarter. Fred Alger Management LLC raised its holdings in Synopsys by 1.8% in the 3rd quarter. Fred Alger Management LLC now owns 1,150 shares of the semiconductor company’s stock valued at $528,000 after buying an additional 20 shares during the last quarter. Gotham Asset Management LLC boosted its position in Synopsys by 35.9% during the 3rd quarter. Gotham Asset Management LLC now owns 8,428 shares of the semiconductor company’s stock worth $3,868,000 after buying an additional 2,227 shares during the period. Truist Financial Corp increased its position in Synopsys by 119.2% in the 3rd quarter. Truist Financial Corp now owns 27,626 shares of the semiconductor company’s stock valued at $12,680,000 after acquiring an additional 15,024 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in shares of Synopsys by 18.8% in the third quarter. Advisors Asset Management Inc. now owns 6,787 shares of the semiconductor company’s stock worth $3,115,000 after purchasing an additional 1,072 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

Insiders Place Their Bets

In other Synopsys news, insider Geus Aart De sold 5,893 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $602.00, for a total transaction of $3,547,586.00. Following the transaction, the insider now owns 106,983 shares of the company’s stock, valued at approximately $64,403,766. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider John F. Runkel, Jr. sold 1,239 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $582.90, for a total transaction of $722,213.10. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at $11,658,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Geus Aart De sold 5,893 shares of Synopsys stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $602.00, for a total transaction of $3,547,586.00. Following the sale, the insider now owns 106,983 shares in the company, valued at $64,403,766. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,232 shares of company stock worth $21,436,741. 0.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SNPS shares. Rosenblatt Securities reiterated a “buy” rating and issued a $615.00 price target on shares of Synopsys in a report on Thursday, May 23rd. JPMorgan Chase & Co. boosted their target price on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research report on Thursday, May 23rd. Robert W. Baird boosted their price objective on Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, KeyCorp raised their target price on Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $625.82.

Synopsys Stock Up 1.3 %

Shares of SNPS opened at $609.66 on Wednesday. Synopsys, Inc. has a fifty-two week low of $418.51 and a fifty-two week high of $629.38. The firm’s 50 day moving average price is $571.62 and its 200 day moving average price is $556.66. The company has a market cap of $93.41 billion, a P/E ratio of 66.27, a PEG ratio of 3.84 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last posted its earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.03). Synopsys had a net margin of 23.05% and a return on equity of 22.66%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm posted $1.76 earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Research analysts forecast that Synopsys, Inc. will post 9.66 earnings per share for the current year.

Synopsys 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.