Parnassus Investments LLC Invests $633.47 Million in Synopsys, Inc. (NASDAQ:SNPS)

Parnassus Investments LLC acquired a new position in shares of Synopsys, Inc. (NASDAQ:SNPS) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,250,950 shares of the semiconductor company’s stock, valued at approximately $633,469,000. Parnassus Investments LLC owned approximately 0.81% of Synopsys at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SNPS. Kingsview Wealth Management LLC purchased a new stake in Synopsys in the 1st quarter worth approximately $239,000. O Shaughnessy Asset Management LLC grew its stake in Synopsys by 13.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,656 shares of the semiconductor company’s stock worth $9,519,000 after acquiring an additional 1,929 shares during the period. Clearbridge Investments LLC grew its stake in Synopsys by 158.4% in the 1st quarter. Clearbridge Investments LLC now owns 204,677 shares of the semiconductor company’s stock worth $116,973,000 after acquiring an additional 125,464 shares during the period. Lake Street Advisors Group LLC grew its stake in Synopsys by 33.9% in the 1st quarter. Lake Street Advisors Group LLC now owns 872 shares of the semiconductor company’s stock worth $498,000 after acquiring an additional 221 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Synopsys in the 1st quarter worth approximately $29,985,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Trading Up 0.6 %

NASDAQ:SNPS opened at $523.98 on Tuesday. The firm has a market capitalization of $80.49 billion, a price-to-earnings ratio of 54.35, a PEG ratio of 3.18 and a beta of 1.08. The firm’s fifty day simple moving average is $515.34 and its 200 day simple moving average is $545.52. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38.

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

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Berenberg Bank assumed coverage on shares of Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 target price on shares of Synopsys in a research note on Tuesday, October 22nd. Mizuho began coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 target price for the company. Robert W. Baird lifted their price target on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 price target on shares of Synopsys in a report on Friday, August 23rd. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, Synopsys currently has an average rating of “Buy” and a consensus target price of $649.82.

Insider Activity at Synopsys

In related news, CEO Sassine Ghazi sold 10,293 shares of Synopsys stock in a transaction on Friday, August 23rd. The shares were 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 owns 62,568 shares in the company, valued at approximately $34,655,789.52. The trade was a 14.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.66% of the company’s stock.

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.