Synopsys (SNPS) Shares Increased 13% Despite Broader Macroeconomic Concerns

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Synopsys, Inc. (NASDAQ:SNPS) in the second quarter 2023 investor letter. Headquartered in Mountain View, California, Synopsys, Inc. (NASDAQ:SNPS) provides software products and consulting services in the electronic design automation industry. On October 2, 2023, Synopsys, Inc. (NASDAQ:SNPS) stock closed at $463.82 per share. One-month return of Synopsys, Inc. (NASDAQ:SNPS) was -0.65%, and its shares gained 44.18% of their value over the last 52 weeks. Synopsys, Inc. (NASDAQ:SNPS) has a market capitalization of $70.54 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Synopsys, Inc. (NASDAQ:SNPS) in its Q2 2023 investor letter:

“Another gain came fromSynopsys, Inc. (NASDAQ:SNPS), which provides electronic design automation (EDA) software for advanced semiconductor development. Its revenues and earnings were better than expected, and that propelled its shares upward by 13%. Synopsys noted that despite broader macroeconomic concerns, its customers remained focused on developing next generation semiconductors with its EDA tools.”

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Synopsys, Inc. (NASDAQ:SNPS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Synopsys, Inc. (NASDAQ:SNPS) at the end of second quarter which was 39 in the previous quarter.

We discussed Synopsys, Inc. (NASDAQ:SNPS) in another article and shared Carillon Eagle Mid Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.