Allspring Global Investments Holdings LLC Has $45.40 Million Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Allspring Global Investments Holdings LLC lowered its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 77.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,438 shares of the semiconductor company’s stock after selling 278,561 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.05% of Synopsys worth $45,399,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. University of Texas Texas AM Investment Managment Co. acquired a new stake in Synopsys during the 4th quarter valued at $28,000. Jones Financial Companies Lllp raised its position in Synopsys by 233.3% during the fourth quarter. Jones Financial Companies Lllp now owns 60 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 42 shares during the period. WD Rutherford LLC acquired a new position in Synopsys during the first quarter valued at $40,000. Rise Advisors LLC purchased a new stake in Synopsys in the 1st quarter worth about $46,000. Finally, Quarry LP boosted its position in Synopsys by 63.1% during the 4th quarter. Quarry LP now owns 106 shares of the semiconductor company’s stock worth $55,000 after acquiring an additional 41 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and issued a $672.00 target price (up previously from $665.00) on shares of Synopsys in a report on Thursday, May 23rd. Robert W. Baird increased their target price on shares of Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a research report on Tuesday. KeyCorp boosted their price target on shares of Synopsys from $675.00 to $690.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities reiterated a “buy” rating and set a $615.00 price objective on shares of Synopsys in a report on Thursday, May 23rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Thursday, May 23rd. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $625.82.

Insider Transactions at Synopsys

In related news, insider John F. Runkel, Jr. sold 936 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $566.97, for a total value of $530,683.92. Following the transaction, the insider now directly owns 20,000 shares in the company, valued at approximately $11,339,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider John F. Runkel, Jr. sold 936 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $566.97, for a total transaction of $530,683.92. Following the completion of the sale, the insider now owns 20,000 shares in the company, valued at approximately $11,339,400. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sassine Ghazi sold 10,294 shares of Synopsys stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $582.41, for a total value of $5,995,328.54. Following the completion of the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at $36,440,228.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,232 shares of company stock worth $21,436,741. 0.66% of the stock is owned by insiders.

Synopsys Price Performance

NASDAQ SNPS opened at $606.99 on Thursday. The firm has a market cap of $93.00 billion, a P/E ratio of 65.98, a price-to-earnings-growth ratio of 3.93 and a beta of 1.07. The stock’s 50-day moving average is $573.27 and its two-hundred day moving average is $557.04. Synopsys, Inc. has a fifty-two week low of $418.51 and a fifty-two week high of $629.38.

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