5 Tech Stocks to Buy According to Billionaire James Dinan

4. Synopsys, Inc. (NASDAQ:SNPS)

York Capital Management’s Stake Value: $25,827,000
Percent of York Capital Management’s 13F Portfolio: 2.89%
Number of Hedge Fund Holders: 41

Synopsys, Inc. (NASDAQ:SNPS) is an American technology company that provides software products and services. The company specializes in electronic design automation (EDA) which is used to test integrated circuits. It ranks fourth on our list of the best tech stocks to buy according to billionaire James Dinan. 

York Capital started building its position in Synopsys, Inc. (NASDAQ:SNPS) in Q2 2021 with 93,648 shares, valued at over $25.8 million. The company represents 2.89% of the hedge fund’s 13F portfolio. In August, KeyBanc lifted its price target on Synopsys, Inc. (NASDAQ:SNPS) to $347, while keeping an ‘Overweight’ rating on the shares. The firm’s analyst appreciated the company’s Q3 earnings beat as it raised the long-term growth framework to double-digit annual growth. In Q3 2021, Synopsys, Inc. (NASDAQ:SNPS) posted an EPS of $1.81, beating the estimates by $0.03. The company’s revenue for the quarter stood at $1.06 billion, up 9.9% from the prior-year quarter. In the past year, Synopsys, Inc. (NASDAQ:SNPS) has delivered a 33.2% return to shareholders. 

As of Q2 2021, 41 hedge funds tracked by Insider Monkey have positions in Synopsys, Inc. (NASDAQ:SNPS), compared with 34 in the previous quarter. The total value of these stakes is over $2.05 billion. Alkeon Capital Management is the company’s leading shareholder with shares worth $746.7 million.