Harvey Capital Management Inc. Invests $2.31 Million in Synopsys, Inc. (NASDAQ:SNPS)

Harvey Capital Management Inc. bought a new position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,755 shares of the semiconductor company's stock, valued at approximately $2,308,000.

Other institutional investors have also recently bought and sold shares of the company. Parnassus Investments LLC acquired a new stake in shares of Synopsys in the third quarter valued at approximately $633,469,000. Edgewood Management LLC increased its holdings in Synopsys by 18.9% in the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company's stock valued at $1,554,540,000 after buying an additional 487,025 shares during the period. Van ECK Associates Corp raised its position in shares of Synopsys by 26.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company's stock valued at $791,923,000 after buying an additional 335,993 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in shares of Synopsys by 120.2% during the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company's stock worth $248,497,000 after acquiring an additional 267,836 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Synopsys by 32.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company's stock worth $531,056,000 after acquiring an additional 257,526 shares in the last quarter. Institutional investors own 85.47% of the company's stock.

Insider Buying and Selling

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the sale, the executive now directly owns 1,460 shares of the company's stock, valued at $738,774.60. This represents a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.66% of the stock is currently owned by insiders.

Synopsys Stock Performance

NASDAQ:SNPS traded down $19.43 during trading hours on Wednesday, reaching $509.71. The stock had a trading volume of 979,675 shares, compared to its average volume of 1,003,498. Synopsys, Inc. has a 12-month low of $457.52 and a 12-month high of $629.38. The stock has a 50 day simple moving average of $511.98 and a 200 day simple moving average of $518.22. The stock has a market cap of $78.79 billion, a P/E ratio of 35.10, a price-to-earnings-growth ratio of 3.49 and a beta of 1.12.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lowered their price target on Synopsys from $570.00 to $540.00 and set an "equal weight" rating for the company in a report on Monday, January 13th. Mizuho started coverage on shares of Synopsys in a report on Tuesday, October 22nd. They set an "outperform" rating and a $650.00 target price on the stock. Robert W. Baird cut their price objective on Synopsys from $644.00 to $630.00 and set an "outperform" rating on the stock in a research note on Thursday, December 5th. Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They issued a "buy" rating and a $675.00 target price on the stock. Finally, Berenberg Bank initiated coverage on shares of Synopsys in a research note on Tuesday, October 15th. They issued a "buy" rating and a $660.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $641.82.

Synopsys 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.