Arrowstreet Capital Limited Partnership Acquires Shares of 3,457 Synopsys, Inc. (NASDAQ:SNPS)

Arrowstreet Capital Limited Partnership bought a new stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 3,457 shares of the semiconductor company's stock, valued at approximately $1,678,000.

Several other institutional investors also recently bought and sold shares of the stock. Allianz SE bought a new position in shares of Synopsys in the fourth quarter worth approximately $2,371,000. Allstate Corp bought a new stake in Synopsys in the 4th quarter worth $2,200,000. Maridea Wealth Management LLC purchased a new position in shares of Synopsys in the fourth quarter valued at about $504,000. Brown Brothers Harriman & Co. increased its position in shares of Synopsys by 6.6% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,927 shares of the semiconductor company's stock valued at $935,000 after acquiring an additional 119 shares during the period. Finally, Gardner Lewis Asset Management L P raised its stake in shares of Synopsys by 6.8% during the fourth quarter. Gardner Lewis Asset Management L P now owns 9,798 shares of the semiconductor company's stock valued at $4,756,000 after acquiring an additional 628 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNPS has been the topic of a number of recent analyst reports. KeyCorp cut their price objective on Synopsys from $690.00 to $555.00 and set an "overweight" rating on the stock in a research report on Tuesday. 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. Redburn Atlantic assumed 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. Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 target price on shares of Synopsys in a research note on Thursday, February 27th. Finally, Morgan Stanley decreased their price target on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a research note on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $618.31.

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Synopsys Stock Performance

Shares of SNPS stock traded down $7.10 during trading hours on Wednesday, reaching $418.55. The company had a trading volume of 131,376 shares, compared to its average volume of 1,088,146. Synopsys, Inc. has a one year low of $365.74 and a one year high of $624.80. The firm has a market cap of $64.72 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23. The business has a fifty day moving average price of $453.23 and a 200-day moving average price of $496.88.

Insider Activity

In other news, insider Geus Aart De sold 15,705 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the transaction, the insider now owns 116,671 shares in the company, valued at $51,850,925.82. This represents a 11.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the completion of the transaction, the chief executive officer now owns 70,922 shares in the company, valued at $32,890,077.50. The trade was a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.62% of the company's stock.

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.