Strategic Financial Concepts LLC acquired a new position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 52,422 shares of the semiconductor company's stock, valued at approximately $25,444,000. Synopsys accounts for approximately 0.8% of Strategic Financial Concepts LLC's investment portfolio, making the stock its 13th biggest position.
A number of other hedge funds have also recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of Synopsys during the 3rd quarter worth about $51,000. Stonegate Investment Group LLC grew its stake in Synopsys by 20.7% during the 3rd quarter. Stonegate Investment Group LLC now owns 613 shares of the semiconductor company's stock valued at $310,000 after acquiring an additional 105 shares in the last quarter. Inspire Advisors LLC lifted its stake in Synopsys by 116.5% in the 3rd quarter. Inspire Advisors LLC now owns 1,169 shares of the semiconductor company's stock worth $592,000 after purchasing an additional 629 shares in the last quarter. Blue Trust Inc. boosted its stake in Synopsys by 47.9% during the third quarter. Blue Trust Inc. now owns 2,975 shares of the semiconductor company's stock worth $1,507,000 after buying an additional 963 shares during the last quarter. Finally, Slow Capital Inc. purchased a new stake in shares of Synopsys in the third quarter valued at about $1,747,000. 85.47% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
SNPS has been the subject of several recent analyst reports. Wells Fargo & Company reduced their target price on Synopsys from $570.00 to $540.00 and set an "equal weight" rating on the stock in a research report on Monday, January 13th. Piper Sandler decreased their price target on shares of Synopsys from $670.00 to $655.00 and set an "overweight" rating for the company in a research report on Friday, December 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $635.00 target price on shares of Synopsys in a report on Wednesday, December 4th. Mizuho started coverage on Synopsys in a research report on Tuesday, October 22nd. They set an "outperform" rating and a $650.00 price objective for the company. Finally, Needham & Company LLC reissued a "buy" rating and issued a $640.00 price target on shares of Synopsys in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $641.82.
Check Out Our Latest Analysis on Synopsys
Synopsys Price Performance
Shares of SNPS stock traded down $24.02 during mid-day trading on Wednesday, hitting $500.98. The stock had a trading volume of 2,417,718 shares, compared to its average volume of 1,050,863. The firm has a market cap of $77.44 billion, a PE ratio of 34.50, a PEG ratio of 3.42 and a beta of 1.12. Synopsys, Inc. has a fifty-two week low of $457.52 and a fifty-two week high of $629.38. The company's 50-day simple moving average is $511.45 and its 200-day simple moving average is $517.72.
Insider Activity
In other news, CRO Richard S. Mahoney sold 20,838 shares of the stock in a transaction dated Wednesday, January 15th. The shares were 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 owns 1,460 shares in the company, valued at $738,774.60. This trade represents a 93.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.66% of the company's stock.
About Synopsys
(
Free Report)
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.
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