Westpac Banking Corp Buys 4,073 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Westpac Banking Corp raised its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 178.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,359 shares of the semiconductor company's stock after acquiring an additional 4,073 shares during the quarter. Westpac Banking Corp's holdings in Synopsys were worth $3,086,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Kieckhefer Group LLC acquired a new stake in Synopsys during the fourth quarter worth approximately $27,000. Whipplewood Advisors LLC acquired a new stake in shares of Synopsys during the 4th quarter worth approximately $33,000. Sierra Ocean LLC bought a new stake in shares of Synopsys in the 4th quarter valued at $39,000. Hazlett Burt & Watson Inc. lifted its position in shares of Synopsys by 28.6% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company's stock valued at $44,000 after acquiring an additional 20 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new position in Synopsys during the fourth quarter worth $51,000. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SNPS has been the topic of several research reports. Piper Sandler dropped their price objective 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. Rosenblatt Securities reaffirmed a "buy" rating and set a $660.00 price target on shares of Synopsys in a research note on Tuesday, February 25th. Redburn Atlantic assumed coverage on Synopsys in a report on Monday, January 13th. They issued a "buy" rating and a $600.00 price target on the stock. 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, Wells Fargo & Company cut their target price on Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Synopsys currently has an average rating of "Moderate Buy" and a consensus price target of $638.58.

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Insider Activity

In other news, insider Geus Aart De sold 15,705 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the transaction, the insider now owns 116,671 shares of the company's stock, valued at $51,850,925.82. This represents a 11.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Richard S. Mahoney sold 20,838 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the sale, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,909 shares of company stock valued at $22,794,835 over the last three months. Corporate insiders own 0.62% of the company's stock.

Synopsys Stock Performance

NASDAQ:SNPS traded up $47.11 on Wednesday, hitting $428.70. The stock had a trading volume of 2,145,046 shares, compared to its average volume of 1,083,945. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $624.80. The firm's fifty day simple moving average is $461.83 and its two-hundred day simple moving average is $499.45. The stock has a market cap of $66.29 billion, a P/E ratio of 29.52, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23.

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.