Canal Capital Management LLC Purchases Shares of 5,517 Synopsys, Inc. (NASDAQ:SNPS)

Canal Capital Management LLC bought a new position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 5,517 shares of the semiconductor company's stock, valued at approximately $2,678,000.

Other hedge funds have also bought and sold shares of the company. Nordea Investment Management AB lifted its holdings in shares of Synopsys by 15.9% in the fourth quarter. Nordea Investment Management AB now owns 1,043,995 shares of the semiconductor company's stock valued at $509,261,000 after purchasing an additional 143,284 shares in the last quarter. James Hambro & Partners LLP lifted its stake in Synopsys by 30.9% during the 4th quarter. James Hambro & Partners LLP now owns 201,460 shares of the semiconductor company's stock valued at $97,725,000 after acquiring an additional 47,527 shares in the last quarter. Synovus Financial Corp boosted its holdings in Synopsys by 199.2% during the 3rd quarter. Synovus Financial Corp now owns 15,062 shares of the semiconductor company's stock worth $7,627,000 after acquiring an additional 10,028 shares during the last quarter. Janney Capital Management LLC bought a new stake in shares of Synopsys in the 4th quarter worth $6,082,000. Finally, Artemis Investment Management LLP raised its holdings in shares of Synopsys by 4.5% in the fourth quarter. Artemis Investment Management LLP now owns 24,878 shares of the semiconductor company's stock valued at $12,075,000 after purchasing an additional 1,081 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company's stock.

Insider Buying and Selling

In other news, insider Geus Aart De sold 15,705 shares of the stock in a transaction 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 of the company's stock, valued at $51,850,925.82. This represents a 11.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction 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 sale, the chief executive officer now directly owns 70,922 shares of the company's stock, valued at $32,890,077.50. This represents a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.

Synopsys Trading Up 1.8 %

Shares of SNPS traded up $7.72 during mid-day trading on Friday, reaching $446.62. 1,032,119 shares of the stock traded hands, compared to its average volume of 1,087,534. The company has a market cap of $69.06 billion, a price-to-earnings ratio of 30.76, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $624.80. The firm has a fifty day moving average price of $436.66 and a 200 day moving average price of $492.48.

Analyst Upgrades and Downgrades

SNPS has been the subject of a number of recent analyst reports. Morgan Stanley reduced their price objective on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a research report on Monday, February 24th. Bank of America reduced their target price on Synopsys from $630.00 to $560.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Piper Sandler dropped their price target on Synopsys from $655.00 to $653.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and set a $650.00 target price on shares of Synopsys in a research note on Thursday, February 27th. Finally, KeyCorp reduced their price target on shares of Synopsys from $690.00 to $555.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $618.31.

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.