Stifel Financial Corp Lowers Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Stifel Financial Corp cut its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 28.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,878 shares of the semiconductor company's stock after selling 11,918 shares during the period. Stifel Financial Corp's holdings in Synopsys were worth $15,130,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Parnassus Investments LLC acquired a new stake in shares of Synopsys during the 3rd quarter worth about $633,469,000. Sustainable Growth Advisers LP acquired a new position in Synopsys during the 2nd quarter worth about $572,050,000. Edgewood Management LLC grew its position in Synopsys by 18.9% in the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company's stock valued at $1,554,540,000 after acquiring an additional 487,025 shares in the last quarter. Van ECK Associates Corp increased its stake in Synopsys by 26.5% during the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company's stock worth $791,923,000 after purchasing an additional 335,993 shares during the period. Finally, Impax Asset Management Group plc lifted its position in shares of Synopsys by 120.2% during the third quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company's stock worth $248,497,000 after purchasing an additional 267,836 shares in the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNPS has been the topic of several recent research reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $635.00 target price on shares of Synopsys in a research note on Wednesday, December 4th. Needham & Company LLC reiterated a "buy" rating and issued a $640.00 price objective on shares of Synopsys in a research note on Thursday, December 5th. Berenberg Bank assumed 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. Mizuho started coverage on Synopsys in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $650.00 price objective for the company. Finally, Piper Sandler cut their target price on shares of Synopsys from $670.00 to $655.00 and set an "overweight" rating on the stock in a research note on Friday, December 6th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $649.00.

Synopsys Price Performance

Shares of Synopsys stock traded up $9.38 during trading hours on Wednesday, hitting $514.70. The company had a trading volume of 668,026 shares, compared to its average volume of 1,077,272. The company's 50-day moving average is $529.97 and its two-hundred day moving average is $544.15. The company has a market cap of $79.07 billion, a P/E ratio of 34.80, a price-to-earnings-growth ratio of 3.25 and a beta of 1.08. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38.

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.