Perkins Investment Management Lowers stake in Synopsys (SNPS)

Synopsys (SNPS) : Perkins Investment Management reduced its stake in Synopsys by 1.55% during the most recent quarter end. The investment management company now holds a total of 2,230,850 shares of Synopsys which is valued at $133,025,586 after selling 35,188 shares in Synopsys , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Synopsys makes up approximately 1.90% of Perkins Investment Management’s portfolio.

Other Hedge Funds, Including , Balyasny Asset Management sold out all of its stake in SNPS during the most recent quarter. The investment firm sold 20,020 shares of SNPS which is valued $1,197,596. Kerrisdale Advisers sold out all of its stake in SNPS during the most recent quarter. The investment firm sold 260,215 shares of SNPS which is valued $15,256,405.Mutual Of America Capital Management boosted its stake in SNPS in the latest quarter, The investment management firm added 3,025 additional shares and now holds a total of 115,018 shares of Synopsys which is valued at $6,662,993. Synopsys makes up approx 0.14% of Mutual Of America Capital Management’s portfolio.Advisors Asset Management reduced its stake in SNPS by selling 267 shares or 1.03% in the most recent quarter. The Hedge Fund company now holds 25,609 shares of SNPS which is valued at $1,493,005. Synopsys makes up approx 0.03% of Advisors Asset Management’s portfolio.

Synopsys closed down -0.38 points or -0.62% at $61.11 with 5,42,295 shares getting traded on Monday. Post opening the session at $61.71, the shares hit an intraday low of $61.08 and an intraday high of $61.86 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Synopsys reported $0.76 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 17, 2016. Analyst had a consensus of $0.74. The company had revenue of $615.20 million for the quarter, compared to analysts expectations of $602.89 million. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS.

Many Wall Street Analysts have commented on Synopsys. Credit Suisse Initiated Synopsys on Oct 19, 2016 to “Outperform”, Price Target of the shares are set at $68.Company shares were Reiterated by DA Davidson on Aug 18, 2016 to “Buy”, Firm has raised the Price Target to $ 64 from a previous price target of $60 .Company shares were Reiterated by Needham on Aug 18, 2016 to “Buy”, Firm has raised the Price Target to $ 60 from a previous price target of $54 .

Synopsys Inc. provides software intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits also known as chips. It also offers IP products which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves. It provides software and hardware used to develop the electronic systems that incorporate chips and the software that runs on them. It provides technical services to support its solutions and help its customers develop chips and electronic systems. It is also a provider of software tools that developers use to develop software code in a range of industries including electronics financial services energy and industrials. It offers products and services in four categories: core EDA; IP Systems and Software Integrity; Manufacturing Solutions and Professional Services and Other.

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