Corebridge Financial Inc. Cuts Stake in Synopsys, Inc. (NASDAQ:SNPS)

Corebridge Financial Inc. lessened its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 2.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,494 shares of the semiconductor company's stock after selling 1,315 shares during the period. Corebridge Financial Inc.'s holdings in Synopsys were worth $24,508,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Raymond James Financial Inc. bought a new position in shares of Synopsys during the fourth quarter valued at approximately $199,065,000. Proficio Capital Partners LLC increased its position in Synopsys by 71,578.5% during the 4th quarter. Proficio Capital Partners LLC now owns 386,347 shares of the semiconductor company's stock valued at $187,517,000 after purchasing an additional 385,808 shares during the period. Wellington Management Group LLP raised its holdings in Synopsys by 32.5% in the 3rd 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 in the last quarter. Alecta Tjanstepension Omsesidigt purchased a new stake in shares of Synopsys in the 4th quarter worth about $104,741,000. Finally, American Century Companies Inc. boosted its stake in shares of Synopsys by 38.7% during the 4th quarter. American Century Companies Inc. now owns 571,474 shares of the semiconductor company's stock valued at $277,371,000 after purchasing an additional 159,344 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

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Wall Street Analyst Weigh In

SNPS has been the subject of a number of research reports. Wells Fargo & Company decreased their price target on shares of Synopsys from $540.00 to $520.00 and set an "equal weight" rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and issued a $650.00 price target on shares of Synopsys in a research note on Thursday, February 27th. Rosenblatt Securities reiterated a "buy" rating and issued a $660.00 target price on shares of Synopsys in a research note on Tuesday, February 25th. Piper Sandler reduced their price target on shares of Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Finally, Redburn Atlantic assumed coverage on Synopsys in a research report on Monday, January 13th. They issued a "buy" rating and a $600.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Synopsys presently has an average rating of "Moderate Buy" and an average target price of $638.58.

Insider Buying and Selling at Synopsys

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

Synopsys Trading Down 0.7 %

SNPS stock traded down $3.33 during trading on Thursday, reaching $446.58. The stock had a trading volume of 273,127 shares, compared to its average volume of 1,014,151. The stock's 50 day moving average is $488.79 and its two-hundred day moving average is $505.87. Synopsys, Inc. has a 52 week low of $425.73 and a 52 week high of $624.80. The firm has a market cap of $69.05 billion, a PE ratio of 30.76, a PEG 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.