54,490 Shares in Synopsys, Inc. (NASDAQ:SNPS) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 54,490 shares of the semiconductor company's stock, valued at approximately $26,447,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in SNPS. Raymond James Financial Inc. acquired a new stake in shares of Synopsys in the 4th quarter valued at about $199,065,000. Proficio Capital Partners LLC lifted its position in shares of Synopsys by 71,578.5% during the 4th quarter. Proficio Capital Partners LLC now owns 386,347 shares of the semiconductor company's stock worth $187,517,000 after buying an additional 385,808 shares in the last quarter. Wellington Management Group LLP boosted its position in Synopsys by 32.5% in the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company's stock worth $531,056,000 after purchasing an additional 257,526 shares during the last quarter. Alecta Tjanstepension Omsesidigt bought a new position in shares of Synopsys during the 4th quarter valued at approximately $104,741,000. Finally, American Century Companies Inc. increased its holdings in Synopsys by 38.7% in the 4th quarter. American Century Companies Inc. now owns 571,474 shares of the semiconductor company's stock worth $277,371,000 after acquiring an additional 159,344 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SNPS. Wells Fargo & Company lowered their price objective on Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 price objective on shares of Synopsys in a research note on Thursday, February 27th. Piper Sandler cut their price target on shares of Synopsys from $655.00 to $653.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Robert W. Baird decreased their target price on Synopsys from $644.00 to $630.00 and set an "outperform" rating for the company in a report on Thursday, December 5th. Finally, Redburn Atlantic initiated coverage on shares of Synopsys in a report on Monday, January 13th. They issued a "buy" rating and a $600.00 price objective for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Synopsys presently has an average rating of "Moderate Buy" and a consensus price target of $638.58.

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Insider Activity

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $463.75, for a total value of $5,270,982.50. Following the completion of the sale, the chief executive officer now directly owns 70,922 shares of the company's stock, valued at $32,890,077.50. The trade was a 13.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Richard S. Mahoney sold 20,838 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the transaction, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,909 shares of company stock valued at $22,794,835. 0.62% of the stock is currently owned by insiders.

Synopsys Price Performance

Shares of Synopsys stock traded down $3.67 during trading hours on Thursday, reaching $446.23. The company's stock had a trading volume of 699,026 shares, compared to its average volume of 1,016,338. Synopsys, Inc. has a one year low of $425.73 and a one year high of $624.80. The firm has a 50 day moving average price of $488.79 and a 200-day moving average price of $505.87. The stock has a market cap of $69.00 billion, a P/E ratio of 30.73, a P/E/G ratio of 3.23 and a beta of 1.16.

Synopsys Company Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.