Kornitzer Capital Management Inc. KS Sells 9,700 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Kornitzer Capital Management Inc. KS decreased its stake in Synopsys, Inc. (NASDAQ:SNPS) by 37.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 16,305 shares of the semiconductor company’s stock after selling 9,700 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Synopsys were worth $8,396,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Fred Alger Management LLC grew its holdings in shares of Synopsys by 1.8% in the 3rd quarter. Fred Alger Management LLC now owns 1,150 shares of the semiconductor company’s stock valued at $528,000 after acquiring an additional 20 shares in the last quarter. UMB Bank n.a. grew its holdings in Synopsys by 1.3% during the third quarter. UMB Bank n.a. now owns 1,719 shares of the semiconductor company’s stock worth $789,000 after purchasing an additional 22 shares during the period. Obermeyer Wood Investment Counsel Lllp grew its holdings in Synopsys by 2.6% during the third quarter. Obermeyer Wood Investment Counsel Lllp now owns 859 shares of the semiconductor company’s stock worth $394,000 after purchasing an additional 22 shares during the period. Synovus Financial Corp grew its holdings in Synopsys by 0.7% during the third quarter. Synovus Financial Corp now owns 3,370 shares of the semiconductor company’s stock worth $1,547,000 after purchasing an additional 23 shares during the period. Finally, State of Wyoming grew its holdings in Synopsys by 23.1% during the second quarter. State of Wyoming now owns 128 shares of the semiconductor company’s stock worth $56,000 after purchasing an additional 24 shares during the period. Institutional investors own 85.47% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on SNPS shares. Needham & Company LLC reiterated a “buy” rating and set a $660.00 price target on shares of Synopsys in a report on Friday, March 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $615.00 price target on shares of Synopsys in a report on Thursday, March 21st. StockNews.com upgraded Synopsys from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Robert W. Baird boosted their price objective on Synopsys from $624.00 to $640.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Finally, Piper Sandler started coverage on Synopsys in a report on Thursday, April 4th. They set an “overweight” rating and a $665.00 price objective for the company. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $601.00.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the completion of the transaction, the chief executive officer now directly owns 61,863 shares in the company, valued at $35,726,501.13. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Synopsys news, Director Roy Vallee sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $572.66, for a total transaction of $5,726,600.00. Following the sale, the director now owns 20,000 shares of the company’s stock, valued at $11,453,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sassine Ghazi sold 10,294 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $577.51, for a total transaction of $5,944,887.94. Following the sale, the chief executive officer now directly owns 61,863 shares in the company, valued at approximately $35,726,501.13. The disclosure for this sale can be found here. Insiders sold a total of 26,832 shares of company stock worth $15,464,992 over the last three months. Corporate insiders own 0.66% of the company’s stock.

Synopsys Stock Performance

Shares of NASDAQ SNPS traded down $9.00 during midday trading on Friday, reaching $510.71. The company’s stock had a trading volume of 1,192,553 shares, compared to its average volume of 880,871. Synopsys, Inc. has a fifty-two week low of $360.36 and a fifty-two week high of $629.38. The business’s 50 day moving average price is $566.66 and its two-hundred day moving average price is $533.75. The company has a market cap of $77.88 billion, a P/E ratio of 56.25, a P/E/G ratio of 3.04 and a beta of 1.06.

Synopsys (NASDAQ:SNPS) last released its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.13. Synopsys had a net margin of 22.96% and a return on equity of 22.88%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the business earned $1.75 earnings per share. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. Sell-side analysts forecast that Synopsys, Inc. will post 9.78 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.