Norges Bank Purchases New Stake in Synopsys, Inc. (NASDAQ:SNPS)

Norges Bank acquired a new position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,202,423 shares of the semiconductor company's stock, valued at approximately $583,608,000. Norges Bank owned 0.78% of Synopsys as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SNPS. Kieckhefer Group LLC bought a new position in shares of Synopsys during the 4th quarter worth approximately $27,000. Whipplewood Advisors LLC acquired a new position in shares of Synopsys during the 4th quarter valued at $33,000. Sierra Ocean LLC acquired a new position in shares of Synopsys during the 4th quarter valued at $39,000. Newbridge Financial Services Group Inc. bought a new position in Synopsys during the fourth quarter worth $51,000. Finally, Versant Capital Management Inc grew its holdings in Synopsys by 109.3% in the fourth quarter. Versant Capital Management Inc now owns 113 shares of the semiconductor company's stock worth $55,000 after purchasing an additional 59 shares during the period. Institutional investors own 85.47% of the company's stock.

Synopsys Trading Up 1.5 %

Synopsys stock traded up $6.53 during trading on Tuesday, hitting $435.38. 700,270 shares of the company were exchanged, compared to its average volume of 1,048,412. The company has a market capitalization of $67.32 billion, a P/E ratio of 29.98, a PEG ratio of 3.23 and a beta of 1.16. The business's 50 day moving average is $483.67 and its 200 day moving average is $505.29. Synopsys, Inc. has a 52 week low of $423.08 and a 52 week high of $624.80.

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Insiders Place Their Bets

In related news, insider Geus Aart De sold 15,705 shares of the business's stock in a transaction dated 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 directly owns 116,671 shares in the company, valued at approximately $51,850,925.82. The trade was a 11.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the completion of the sale, the chief executive officer now directly owns 70,922 shares of the company's stock, valued at $32,890,077.50. The trade was a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,909 shares of company stock valued at $22,794,835 in the last three months. 0.62% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SNPS shares. Needham & Company LLC reiterated a "buy" rating and set a $650.00 price objective on shares of Synopsys in a report on Thursday, February 27th. Robert W. Baird dropped their price target on Synopsys from $644.00 to $630.00 and set an "outperform" rating on the stock in a research note on Thursday, December 5th. Wells Fargo & Company cut their price target on Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. Morgan Stanley decreased their price objective on Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a report on Monday, February 24th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $660.00 target price on shares of Synopsys in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $638.58.

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.