Prudential PLC Reduces Stake in Synopsys, Inc. (NASDAQ:SNPS)

Prudential PLC reduced its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 4.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,406 shares of the semiconductor company's stock after selling 705 shares during the period. Prudential PLC's holdings in Synopsys were worth $6,992,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kieckhefer Group LLC purchased a new stake in Synopsys in the fourth quarter worth $27,000. Whipplewood Advisors LLC purchased a new stake in Synopsys in the 4th quarter worth about $33,000. Sierra Ocean LLC bought a new stake in Synopsys in the 4th quarter valued at about $39,000. Hazlett Burt & Watson Inc. lifted its holdings in Synopsys by 28.6% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 20 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in Synopsys by 50.8% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 98 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 33 shares during the period. 85.47% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Sassine Ghazi sold 11,366 shares of the 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 in the company, valued at $32,890,077.50. This represents a 13.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Richard S. Mahoney sold 20,838 shares of Synopsys 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 completion of the transaction, the executive now directly owns 1,460 shares in the company, valued at $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,909 shares of company stock valued at $22,794,835 over the last three months. Insiders own 0.62% of the company's stock.

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Analysts Set New Price Targets

A number of analysts recently commented on the stock. Redburn Atlantic started coverage on shares of Synopsys in a research note on Monday, January 13th. They set a "buy" rating and a $600.00 price target on the stock. Morgan Stanley cut their price target on Synopsys from $625.00 to $590.00 and set an "overweight" rating for the company in a report on Monday, February 24th. Rosenblatt Securities reaffirmed a "buy" rating and set a $660.00 target price on shares of Synopsys in a report on Tuesday, February 25th. Needham & Company LLC reissued a "buy" rating and issued a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. Finally, Piper Sandler decreased their price target on shares of Synopsys from $655.00 to $653.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $638.58.

Synopsys Trading Down 6.5 %

Shares of SNPS traded down $28.07 during mid-day trading on Thursday, reaching $400.64. The company's stock had a trading volume of 565,376 shares, compared to its average volume of 1,082,070. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The stock has a market cap of $61.95 billion, a PE ratio of 27.56, a P/E/G ratio of 3.23 and a beta of 1.23. The company's fifty day moving average price is $461.83 and its two-hundred day moving average price is $499.45.

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.