Rhumbline Advisers Sells 3,271 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Rhumbline Advisers decreased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 1.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 291,027 shares of the semiconductor company's stock after selling 3,271 shares during the period. Rhumbline Advisers owned approximately 0.19% of Synopsys worth $141,253,000 at the end of the most recent quarter.

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

Synopsys Stock Down 4.6 %

Shares of SNPS traded down $24.02 during trading hours on Wednesday, hitting $500.98. The company had a trading volume of 2,410,677 shares, compared to its average volume of 1,050,668. The business has a fifty day moving average of $511.45 and a 200-day moving average of $517.72. The firm has a market cap of $77.44 billion, a price-to-earnings ratio of 34.50, a PEG ratio of 3.42 and a beta of 1.12. Synopsys, Inc. has a 12 month low of $457.52 and a 12 month high of $629.38.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SNPS shares. Redburn Atlantic assumed coverage on shares of Synopsys in a research report on Monday, January 13th. They issued a "buy" rating and a $600.00 target price for the company. Rosenblatt Securities restated a "buy" rating and issued a $635.00 price objective on shares of Synopsys in a report on Wednesday, December 4th. Needham & Company LLC reiterated a "buy" rating and set a $640.00 target price on shares of Synopsys in a report on Thursday, December 5th. Wells Fargo & Company decreased their price target on Synopsys from $570.00 to $540.00 and set an "equal weight" rating for the company in a research note on Monday, January 13th. Finally, Piper Sandler dropped their price objective on Synopsys from $670.00 to $655.00 and set an "overweight" rating on the stock in a research note on Friday, December 6th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $641.82.

Insiders Place Their Bets

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

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.