Renaissance Group Lowers stake in Synopsys (SNPS)

Synopsys (SNPS) : Renaissance Group reduced its stake in Synopsys by 7.93% during the most recent quarter end. The investment management company now holds a total of 585,206 shares of Synopsys which is valued at $32,619,382 after selling 50,411 shares in Synopsys , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Synopsys makes up approximately 1.32% of Renaissance Group’s portfolio.

Other Hedge Funds, Including , Blackrock Institutional Trust Company N.a. reduced its stake in SNPS by selling 18,198 shares or 0.35% in the most recent quarter. The Hedge Fund company now holds 5,248,186 shares of SNPS which is valued at $292,533,888. Synopsys makes up approx 0.05% of Blackrock Institutional Trust Company N.a.’s portfolio.Advisors Asset Management reduced its stake in SNPS by selling 2,782 shares or 9.71% in the most recent quarter. The Hedge Fund company now holds 25,876 shares of SNPS which is valued at $1,445,951. Synopsys makes up approx 0.02% of Advisors Asset Management’s portfolio.Td Asset Management Inc reduced its stake in SNPS by selling 2,700 shares or 0.9% in the most recent quarter. The Hedge Fund company now holds 298,694 shares of SNPS which is valued at $16,475,961. Synopsys makes up approx 0.03% of Td Asset Management Inc’s portfolio.Sg Americas Securities reduced its stake in SNPS by selling 23,924 shares or 34.91% in the most recent quarter. The Hedge Fund company now holds 44,601 shares of SNPS which is valued at $2,424,510. Synopsys makes up approx 0.02% of Sg Americas Securities’s portfolio.Msi Financial Services Inc reduced its stake in SNPS by selling 93 shares or 11.27% in the most recent quarter. The Hedge Fund company now holds 732 shares of SNPS which is valued at $39,550.

Synopsys opened for trading at $58.5 and hit $58.67 on the upside on Friday, eventually ending the session at $58.59, with a gain of 0.15% or 0.09 points. The heightened volatility saw the trading volume jump to 12,11,298 shares. Company has a market cap of $8,896 M.

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. 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 .Company shares were Reiterated by The Benchmark Company on Aug 18, 2016 to “Hold”, Firm has raised the Price Target to $ 60 from a previous price target of $50 .

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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