Synopsys, Inc. (NASDAQ:SNPS) Position Trimmed by Earnest Partners LLC

Earnest Partners LLC lowered its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 300,436 shares of the semiconductor company's stock after selling 8,690 shares during the period. Earnest Partners LLC owned approximately 0.19% of Synopsys worth $145,820,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SNPS. Pine Valley Investments Ltd Liability Co boosted its stake in Synopsys by 44.8% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 727 shares of the semiconductor company's stock valued at $368,000 after acquiring an additional 225 shares during the last quarter. World Investment Advisors LLC bought a new position in shares of Synopsys during the third quarter worth about $253,000. Wilmington Savings Fund Society FSB bought a new position in shares of Synopsys during the third quarter worth about $865,000. Blankinship & Foster LLC bought a new position in shares of Synopsys during the third quarter worth about $2,772,000. Finally, Synovus Financial Corp lifted its position in shares of Synopsys by 199.2% during the third quarter. Synovus Financial Corp now owns 15,062 shares of the semiconductor company's stock worth $7,627,000 after purchasing an additional 10,028 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of the firm'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 transaction of $5,270,982.50. Following the transaction, the chief executive officer now owns 70,922 shares in the company, valued at $32,890,077.50. This trade represents a 13.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Geus Aart De sold 15,705 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction 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 disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.

Synopsys Stock Performance

Shares of NASDAQ:SNPS traded up $16.80 during trading hours on Tuesday, hitting $460.77. The stock had a trading volume of 1,413,964 shares, compared to its average volume of 1,091,083. The stock's fifty day simple moving average is $434.86 and its 200 day simple moving average is $491.06. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $624.80. The firm has a market capitalization of $71.24 billion, a price-to-earnings ratio of 31.73, a PEG ratio of 3.23 and a beta of 1.23.

Analyst Ratings Changes

Several brokerages have recently commented on SNPS. Piper Sandler reduced their price target on shares of Synopsys from $655.00 to $653.00 and set an "overweight" rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus set a $550.00 price target on shares of Synopsys in a research report on Monday. Wells Fargo & Company reduced their price target on shares of Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. KeyCorp reduced their price target on shares of Synopsys from $690.00 to $555.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Finally, Mizuho dropped their price objective on shares of Synopsys from $650.00 to $600.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Synopsys currently has an average rating of "Moderate Buy" and an average price target of $613.43.

About Synopsys

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.