ARK Investment Management LLC Sells 3,064 Shares of Synopsys, Inc. (NASDAQ:SNPS)

ARK Investment Management LLC lowered its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 10.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,351 shares of the semiconductor company's stock after selling 3,064 shares during the period. ARK Investment Management LLC's holdings in Synopsys were worth $13,344,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kingsview Wealth Management LLC purchased a new position in Synopsys in the first quarter worth $239,000. Davidson Capital Management Inc. raised its stake in shares of Synopsys by 33,828.6% in the third quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company's stock valued at $2,405,000 after buying an additional 4,736 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of Synopsys in the first quarter valued at $218,000. Harvest Portfolios Group Inc. raised its stake in shares of Synopsys by 3.7% in the third quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company's stock valued at $21,330,000 after buying an additional 1,496 shares during the period. Finally, Jacobs & Co. CA bought a new stake in shares of Synopsys in the third quarter valued at $10,554,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Insider Transactions at Synopsys

In other news, CEO Sassine Ghazi sold 10,293 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $553.89, for a total value of $5,701,189.77. Following the completion of the transaction, the chief executive officer now owns 62,568 shares of the company's stock, valued at approximately $34,655,789.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.66% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on SNPS shares. Piper Sandler lowered their target price on Synopsys from $687.00 to $670.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. Mizuho assumed coverage on Synopsys in a research note on Tuesday, October 22nd. They set an "outperform" rating and a $650.00 price objective on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $635.00 price objective on shares of Synopsys in a research note on Friday, August 23rd. Needham & Company LLC reiterated a "buy" rating and set a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Finally, Robert W. Baird boosted their price objective on Synopsys from $661.00 to $663.00 and gave the company an "outperform" rating in a research note on Thursday, August 22nd. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $643.00.

Synopsys Stock Performance

SNPS stock traded down $12.04 during trading on Friday, hitting $561.55. 967,113 shares of the company traded hands, compared to its average volume of 1,067,591. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The company has a 50-day moving average of $507.77 and a 200-day moving average of $544.81. The firm has a market capitalization of $86.26 billion, a PE ratio of 58.25, a P/E/G ratio of 3.37 and a beta of 1.08.

Synopsys (NASDAQ:SNPS - Get Free Report) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $3.43 earnings per share for the quarter, topping the consensus estimate of $3.28 by $0.15. Synopsys had a return on equity of 22.09% and a net margin of 24.06%. The business had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.52 billion. During the same quarter last year, the business posted $2.17 EPS. The business's revenue was up 12.7% on a year-over-year basis. Sell-side analysts expect that Synopsys, Inc. will post 9.45 EPS for the current year.

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.