Edgewood Management LLC Has $1.55 Billion Position in Synopsys, Inc. (NASDAQ:SNPS)

Edgewood Management LLC increased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 18.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,069,848 shares of the semiconductor company’s stock after buying an additional 487,025 shares during the quarter. Synopsys comprises approximately 4.2% of Edgewood Management LLC’s investment portfolio, making the stock its 15th biggest position. Edgewood Management LLC owned about 2.00% of Synopsys worth $1,554,540,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SNPS. CreativeOne Wealth LLC acquired a new position in Synopsys in the first quarter valued at $1,085,000. EP Wealth Advisors LLC grew its holdings in Synopsys by 17.6% in the first quarter. EP Wealth Advisors LLC now owns 1,400 shares of the semiconductor company’s stock worth $800,000 after purchasing an additional 210 shares during the period. Advisors Asset Management Inc. increased its stake in Synopsys by 4.7% in the first quarter. Advisors Asset Management Inc. now owns 7,942 shares of the semiconductor company’s stock valued at $4,539,000 after purchasing an additional 360 shares in the last quarter. LRI Investments LLC acquired a new position in shares of Synopsys during the first quarter valued at about $286,000. Finally, Beck Capital Management LLC bought a new position in shares of Synopsys during the 1st quarter worth about $259,000. Institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

SNPS opened at $557.73 on Friday. The stock has a market capitalization of $85.67 billion, a price-to-earnings ratio of 57.86, a PEG ratio of 3.26 and a beta of 1.08. The company has a fifty day moving average of $519.28 and a 200 day moving average of $545.55. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38.

Synopsys (NASDAQ:SNPS) last posted its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business posted $2.17 earnings per share. The business’s 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 year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Piper Sandler decreased their target price on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Mizuho assumed coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 target price on the stock. Robert W. Baird raised their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Loop Capital assumed coverage on Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Tuesday, October 22nd. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $649.82.

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.