Zacks Investment Research cut shares of Synopsys, Inc. (NASDAQ:SNPS) from a buy rating to a hold rating in a report issued on Thursday morning.

According to Zacks, “Synopsys is a vendor of electronic design automation (EDA) software to the semiconductor and electronics industries. Shares of Synopsys has outperformed the industry over the past one year. Additionally, the company’s fourth-quarter and upbeat fiscal 2017 guidance are encouraging. We believe that the company’s sustained focus on introducing new products, acquisitions and deal wins will continue to boost results, going ahead. Moreover, unique intellectual properties and global support provided by the company will likely drive its forthcoming results. Furthermore, the acquisition of Cigital and Codiscope will enable Synopsys to offer a comprehensive software security signoff solution to its customers. However, competition from peers, a challenging technology spending environment and uncertainty regarding the exact time of realizing acquisition synergies keep us on the sidelines.”

SNPS has been the subject of several other research reports. BidaskClub downgraded shares of Synopsys from a buy rating to a hold rating in a research report on Tuesday, July 25th. Royal Bank Of Canada reissued an outperform rating and set a $85.00 price target (up previously from $77.00) on shares of Synopsys in a research report on Thursday, May 18th. J P Morgan Chase & Co reissued an average rating on shares of Synopsys in a research report on Friday, May 26th. Pacific Crest reissued an overweight rating and set a $86.00 price target (up previously from $78.00) on shares of Synopsys in a research report on Friday, May 19th. Finally, DA Davidson reissued a buy rating and set a $85.00 price target (up previously from $77.00) on shares of Synopsys in a research report on Friday, May 19th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $83.38.

Synopsys (NASDAQ SNPS) opened at 78.49 on Thursday. The firm has a market capitalization of $11.79 billion, a PE ratio of 36.85 and a beta of 1.02. The company’s 50-day moving average price is $76.47 and its 200 day moving average price is $73.39. Synopsys has a 12 month low of $56.03 and a 12 month high of $79.66.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.92. The company had revenue of $695.40 million during the quarter, compared to the consensus estimate of $691.22 million. Synopsys had a net margin of 12.37% and a return on equity of 11.60%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.76 earnings per share. On average, equities research analysts predict that Synopsys will post $3.31 earnings per share for the current year.

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Synopsys announced that its board has approved a share repurchase program on Friday, June 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

In other Synopsys news, EVP Joseph W. Logan sold 5,000 shares of Synopsys stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $76.99, for a total value of $384,950.00. Following the completion of the sale, the executive vice president now owns 63,793 shares of the company’s stock, valued at approximately $4,911,423.07. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Chi-Foon Chan sold 3,750 shares of Synopsys stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $77.50, for a total transaction of $290,625.00. Following the completion of the sale, the chief executive officer now directly owns 200,429 shares of the company’s stock, valued at approximately $15,533,247.50. The disclosure for this sale can be found here. Insiders own 1.82% of the company’s stock.

Large investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its stake in Synopsys by 7.3% in the first quarter. Canada Pension Plan Investment Board now owns 509,200 shares of the semiconductor company’s stock worth $36,729,000 after buying an additional 34,600 shares during the period. Swedbank bought a new stake in Synopsys during the first quarter worth approximately $136,109,000. Sumitomo Mitsui Asset Management Company LTD increased its stake in Synopsys by 20.2% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 13,158 shares of the semiconductor company’s stock worth $949,000 after buying an additional 2,214 shares during the period. KAMES CAPITAL plc increased its stake in Synopsys by 5.6% in the first quarter. KAMES CAPITAL plc now owns 112,999 shares of the semiconductor company’s stock worth $8,151,000 after buying an additional 6,026 shares during the period. Finally, Breton Hill Capital Ltd. increased its stake in Synopsys by 488.7% in the first quarter. Breton Hill Capital Ltd. now owns 17,175 shares of the semiconductor company’s stock worth $1,239,000 after buying an additional 21,594 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

Synopsys Company Profile

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.

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