Synopsys, Inc. (NASDAQ:SNPS) Sees Large Decrease in Short Interest

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

In related news, Chairman Geus Aart De sold 156,100 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $117.15, for a total value of $18,287,115.00. Following the completion of the sale, the chairman now directly owns 189,894 shares in the company, valued at approximately $22,246,082.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel John F. Runkel, Jr. sold 10,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $117.36, for a total value of $1,173,600.00. Following the completion of the sale, the general counsel now owns 26,331 shares of the company’s stock, valued at $3,090,206.16. The disclosure for this sale can be found here. Insiders have sold a total of 207,180 shares of company stock valued at $24,653,559 over the last quarter. 1.84% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Next Capital Management LLC acquired a new stake in Synopsys during the 2nd quarter worth about $26,000. Flagship Harbor Advisors LLC increased its holdings in shares of Synopsys by 78.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 227 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 100 shares during the period. Ruggie Capital Group acquired a new position in shares of Synopsys in the 2nd quarter valued at about $32,000. Hanseatic Management Services Inc. acquired a new position in shares of Synopsys in the 1st quarter valued at about $30,000. Finally, Virtus ETF Advisers LLC acquired a new position in shares of Synopsys in the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 91.79% of the company’s stock.

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

NASDAQ SNPS traded up $0.58 during midday trading on Thursday, hitting $127.29. The company had a trading volume of 623,387 shares, compared to its average volume of 1,123,590. The company has a market capitalization of $19.21 billion, a PE ratio of 45.14, a P/E/G ratio of 3.85 and a beta of 1.27. The company has a current ratio of 0.95, a quick ratio of 0.85 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $133.20 and a 200-day moving average price of $118.59. Synopsys has a twelve month low of $79.14 and a twelve month high of $138.72.

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

Synopsys Company Profile

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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