State Board of Administration of Florida Retirement System Cuts Holdings in Synopsys, Inc. (SNPS)

State Board of Administration of Florida Retirement System cut its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 222,654 shares of the semiconductor company’s stock after selling 8,594 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Synopsys were worth $21,956,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SNPS. BlackRock Inc. lifted its position in Synopsys by 5.2% during the second quarter. BlackRock Inc. now owns 14,683,291 shares of the semiconductor company’s stock worth $1,256,450,000 after acquiring an additional 731,655 shares during the last quarter. Voya Investment Management LLC increased its holdings in shares of Synopsys by 142.8% during the second quarter. Voya Investment Management LLC now owns 936,019 shares of the semiconductor company’s stock worth $80,095,000 after purchasing an additional 550,522 shares during the period. PointState Capital LP bought a new position in shares of Synopsys during the second quarter worth approximately $35,129,000. Assenagon Asset Management S.A. bought a new position in shares of Synopsys during the second quarter worth approximately $32,966,000. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Synopsys by 318.4% during the second quarter. State of New Jersey Common Pension Fund D now owns 446,800 shares of the semiconductor company’s stock worth $38,233,000 after purchasing an additional 340,000 shares during the period. Hedge funds and other institutional investors own 87.32% of the company’s stock.

Several research analysts have recently commented on SNPS shares. KeyCorp raised their target price on shares of Synopsys from $112.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, August 23rd. JPMorgan Chase & Co. raised shares of Synopsys from an “underweight” rating to a “neutral” rating and set a $98.00 target price on the stock in a report on Tuesday, October 23rd. BidaskClub cut shares of Synopsys from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $105.00 target price (up from $100.00) on shares of Synopsys in a report on Thursday, August 23rd. Finally, Zacks Investment Research raised shares of Synopsys from a “hold” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Tuesday, October 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. Synopsys currently has a consensus rating of “Buy” and a consensus target price of $107.00.

Shares of SNPS opened at $94.34 on Friday. Synopsys, Inc. has a 12 month low of $80.13 and a 12 month high of $103.40. The company has a market cap of $13.41 billion, a PE ratio of 107.20, a price-to-earnings-growth ratio of 3.55 and a beta of 1.27. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.04.

Synopsys (NASDAQ:SNPS) last announced its earnings results on Wednesday, August 22nd. The semiconductor company reported $0.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.03. The company had revenue of $779.70 million for the quarter, compared to analysts’ expectations of $773.61 million. Synopsys had a net margin of 1.92% and a return on equity of 5.52%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the firm earned $0.92 earnings per share. As a group, equities analysts predict that Synopsys, Inc. will post 1.57 EPS for the current year.

In related news, CEO Chi-Foon Chan sold 3,609 shares of Synopsys stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $101.85, for a total value of $367,576.65. Following the transaction, the chief executive officer now directly owns 202,135 shares of the company’s stock, valued at $20,587,449.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of Synopsys stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $102.00, for a total transaction of $1,020,000.00. Following the completion of the transaction, the general counsel now directly owns 22,322 shares in the company, valued at $2,276,844. The disclosure for this sale can be found here. Insiders sold 33,609 shares of company stock worth $3,416,177 over the last three months. 1.84% of the stock is currently owned by insiders.

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About Synopsys

Synopsys, Inc provides electronic design automation (EDA) software products used to design and test integrated circuits (ICs). It offers Galaxy Design platform that offers IC design solutions; 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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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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