Huntington National Bank Has $8.63 Million Stake in Synopsys, Inc. (NASDAQ:SNPS)

Huntington National Bank lessened its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 22.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,783 shares of the semiconductor company's stock after selling 5,203 shares during the quarter. Huntington National Bank's holdings in Synopsys were worth $8,631,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Synopsys by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company's stock valued at $7,029,360,000 after acquiring an additional 120,575 shares in the last quarter. State Street Corp grew its position in Synopsys by 1.7% during the 3rd quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company's stock worth $3,518,637,000 after purchasing an additional 119,057 shares during the last quarter. Geode Capital Management LLC increased its position in Synopsys by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company's stock valued at $1,625,230,000 after acquiring an additional 75,298 shares during the period. Pictet Asset Management Holding SA increased its holdings in shares of Synopsys by 3.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,758,759 shares of the semiconductor company's stock valued at $853,631,000 after purchasing an additional 60,121 shares during the period. Finally, Norges Bank acquired a new stake in shares of Synopsys in the 4th quarter worth $583,608,000. 85.47% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

SNPS has been the subject of a number of analyst reports. Redburn Atlantic initiated coverage on Synopsys in a research note on Monday, January 13th. They set a "buy" rating and a $600.00 target price for the company. Morgan Stanley lowered their price objective on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a research note on Monday, February 24th. Piper Sandler dropped their price target on Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and set a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. Finally, Wells Fargo & Company lowered their price objective 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. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $638.58.

Synopsys Price Performance

Shares of SNPS stock traded up $16.14 on Tuesday, hitting $397.04. 758,326 shares of the stock traded hands, compared to its average volume of 1,072,098. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $624.80. The company's fifty day moving average is $471.23 and its 200 day moving average is $502.20. The company has a market capitalization of $61.39 billion, a PE ratio of 27.42, a PEG ratio of 3.23 and a beta of 1.23.

Insiders Place Their Bets

In other Synopsys news, insider Geus Aart De sold 15,705 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider now owns 116,671 shares in the company, valued at approximately $51,850,925.82. This represents a 11.86 % decrease in their position. The transaction 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 business's stock in a transaction on Monday, March 3rd. The stock was 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 $32,890,077.50. This trade represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,909 shares of company stock valued at $22,794,835 over the last quarter. Insiders own 0.62% of the company's stock.

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.