Short Interest in Synopsys, Inc. (NASDAQ:SNPS) Drops By 11.3%

Synopsys, Inc. (NASDAQ:SNPS) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 1,760,300 shares, a decrease of 11.3% from the June 30th total of 1,985,500 shares. Approximately 1.2% of the company’s stock are sold short. Based on an average daily trading volume, of 1,170,000 shares, the days-to-cover ratio is currently 1.5 days.

SNPS has been the subject of several analyst reports. Zacks Investment Research lowered shares of Synopsys from a “hold” rating to a “sell” rating and set a $143.00 price target for the company. in a research report on Wednesday, July 24th. BidaskClub lowered shares of Synopsys from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 31st. KeyCorp increased their price target on shares of Synopsys from $135.00 to $152.00 and gave the company an “overweight” rating in a research report on Friday, July 12th. Bank of America reissued an “average” rating on shares of Synopsys in a research report on Wednesday, June 5th. Finally, Wells Fargo & Co initiated coverage on shares of Synopsys in a research report on Tuesday, May 14th. They set an “outperform” rating and a $135.00 price target for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $128.00.

Shares of Synopsys stock traded up $2.14 during midday trading on Friday, hitting $129.43. The company had a trading volume of 14,799 shares, compared to its average volume of 827,534. The stock has a market cap of $19.80 billion, a price-to-earnings ratio of 45.88, a PEG ratio of 3.96 and a beta of 1.27. The company has a quick ratio of 0.85, a current ratio of 0.95 and a debt-to-equity ratio of 0.03. The company has a fifty day simple moving average of $133.20 and a 200 day simple moving average of $118.59. Synopsys has a 12-month low of $79.14 and a 12-month high of $138.72.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.04. The firm had revenue of $836.20 million during the quarter, compared to analyst estimates of $829.41 million. Synopsys had a net margin of 18.74% and a return on equity of 16.88%. Synopsys’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $1.08 EPS. As a group, analysts expect that Synopsys will post 3.03 EPS for the current year.

In other Synopsys news, VP Sudhindra Kankanwadi sold 3,133 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $121.88, for a total transaction of $381,850.04. Following the completion of the sale, the vice president now directly owns 8,416 shares of the company’s stock, valued at $1,025,742.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $117.36, for a total transaction of $1,173,600.00. Following the sale, the general counsel now directly owns 26,331 shares of the company’s stock, valued at $3,090,206.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 207,180 shares of company stock valued at $24,653,559. Insiders own 1.84% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Next Capital Management LLC purchased a new position in shares of Synopsys in the 2nd quarter valued at approximately $26,000. Flagship Harbor Advisors LLC increased its holdings in Synopsys by 78.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 227 shares of the semiconductor company’s stock worth $26,000 after buying an additional 100 shares during the period. Ruggie Capital Group acquired a new position in Synopsys in the 2nd quarter worth approximately $32,000. Hanseatic Management Services Inc. acquired a new position in Synopsys in the 1st quarter worth approximately $30,000. Finally, Virtus ETF Advisers LLC acquired a new position in Synopsys in the 2nd quarter worth approximately $34,000. 91.79% of the stock is owned by hedge funds and other institutional investors.

About Synopsys

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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