Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System cut its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,500 shares of the semiconductor company's stock after selling 800 shares during the quarter. Louisiana State Employees Retirement System's holdings in Synopsys were worth $9,465,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Parnassus Investments LLC acquired a new position in shares of Synopsys in the third quarter valued at approximately $633,469,000. Edgewood Management LLC lifted its holdings in shares of Synopsys by 18.9% during the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company's stock worth $1,554,540,000 after purchasing an additional 487,025 shares during the period. Van ECK Associates Corp grew its position in 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 during the last quarter. Impax Asset Management Group plc increased its stake in Synopsys by 120.2% in the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company's stock valued at $248,497,000 after buying an additional 267,836 shares during the period. Finally, Wellington Management Group LLP raised its position in 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 buying an additional 257,526 shares during the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CRO Richard S. Mahoney sold 20,838 shares of the company's stock in a transaction that occurred on 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 sale, the executive now owns 1,460 shares of the company's stock, valued at approximately $738,774.60. This represents a 93.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.66% of the company's stock.

Analysts Set New Price Targets

SNPS has been the topic of several analyst reports. Robert W. Baird lowered their target price on shares of Synopsys from $644.00 to $630.00 and set an "outperform" rating on the stock in a report on Thursday, December 5th. Piper Sandler lowered their price objective on Synopsys from $670.00 to $655.00 and set an "overweight" rating on the stock in a report on Friday, December 6th. Berenberg Bank initiated coverage on Synopsys in a research note on Tuesday, October 15th. They set a "buy" rating and a $660.00 target price for the company. Needham & Company LLC reissued a "buy" rating and issued a $640.00 price target on shares of Synopsys in a report on Thursday, December 5th. Finally, Redburn Atlantic assumed coverage on Synopsys in a report on Monday, January 13th. They set a "buy" rating and a $600.00 price objective on the stock. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $641.82.

Synopsys Price Performance

Synopsys stock traded down $19.43 during trading hours on Wednesday, hitting $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 1-year low of $457.52 and a 1-year high of $629.38. The stock has a market capitalization of $78.79 billion, a price-to-earnings ratio of 35.10, a PEG ratio of 3.49 and a beta of 1.12. The stock's fifty day moving average is $511.98 and its two-hundred day moving average is $518.22.

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.