Smith Salley Wealth Management Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Smith Salley Wealth Management increased its position in Synopsys, Inc. (NASDAQ:SNPS) by 5.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,376 shares of the semiconductor company’s stock after buying an additional 118 shares during the quarter. Smith Salley Wealth Management’s holdings in Synopsys were worth $1,203,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC lifted its stake in shares of Synopsys by 600.0% in the 2nd quarter. ORG Partners LLC now owns 42 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 36 shares in the last quarter. Pacifica Partners Inc. purchased a new position in Synopsys in the third quarter valued at approximately $25,000. Tsfg LLC lifted its position in Synopsys by 75.0% during the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 24 shares in the last quarter. Chris Bulman Inc purchased a new stake in Synopsys during the second quarter worth approximately $30,000. Finally, Fortitude Family Office LLC increased its position in shares of Synopsys by 66.7% in the second quarter. Fortitude Family Office LLC now owns 60 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 85.47% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SNPS. Berenberg Bank started coverage on shares of Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Mizuho assumed coverage on Synopsys in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Tuesday, October 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a research report on Friday, August 23rd. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $643.00.

Insider Activity

In related news, CEO Sassine Ghazi sold 10,293 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total transaction of $5,701,189.77. Following the transaction, the chief executive officer now directly owns 62,568 shares in the company, valued at $34,655,789.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.66% of the company’s stock.

Synopsys Price Performance

SNPS opened at $501.58 on Friday. The stock has a market capitalization of $77.05 billion, a PE ratio of 52.03, a P/E/G ratio of 3.44 and a beta of 1.08. Synopsys, Inc. has a 12-month low of $448.91 and a 12-month high of $629.38. The firm’s fifty day moving average price is $508.43 and its 200 day moving average price is $545.19.

Synopsys (NASDAQ:SNPS) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $3.43 EPS for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a net margin of 24.06% and a return on equity of 22.09%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company posted $2.17 earnings per share. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, equities research analysts forecast that Synopsys, Inc. will post 9.45 earnings per share for the current fiscal year.

About Synopsys

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.