Platinum Investment Management Ltd. Grows Stake in Synopsys, Inc. (NASDAQ:SNPS)

Platinum Investment Management Ltd. grew its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 39.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,317 shares of the semiconductor company's stock after buying an additional 944 shares during the period. Platinum Investment Management Ltd.'s holdings in Synopsys were worth $1,610,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in SNPS. State Street Corp grew its position in Synopsys by 1.7% in the third quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company's stock worth $3,518,637,000 after acquiring an additional 119,057 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Synopsys by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company's stock worth $1,656,005,000 after purchasing an additional 61,799 shares during the period. Edgewood Management LLC raised its holdings in Synopsys by 18.9% during 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 buying an additional 487,025 shares during the period. Parnassus Investments LLC purchased a new stake in Synopsys during the 3rd quarter valued at $633,469,000. Finally, Janus Henderson Group PLC lifted its position in Synopsys by 7.7% in the third quarter. Janus Henderson Group PLC now owns 1,139,887 shares of the semiconductor company's stock worth $577,289,000 after buying an additional 81,198 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction on 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 owns 70,922 shares in the company, valued at $32,890,077.50. This represents a 13.81 % decrease in their ownership of the stock. The transaction 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 Synopsys stock in a transaction on 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 represents a 93.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,909 shares of company stock valued at $22,794,835. Company insiders own 0.62% of the company's stock.

Wall Street Analysts Forecast Growth

SNPS has been the subject of several analyst reports. Piper Sandler lowered their target price on shares of Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a report on Thursday, February 27th. Robert W. Baird dropped their target price on Synopsys from $644.00 to $630.00 and set an "outperform" rating for the company in a research report on Thursday, December 5th. Morgan Stanley cut their target price on Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a research note on Monday, February 24th. Needham & Company LLC reissued a "buy" rating and set a $650.00 price target on shares of Synopsys in a research note on Thursday, February 27th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $660.00 price objective on shares of Synopsys in a research report on Tuesday, February 25th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Synopsys has an average rating of "Moderate Buy" and a consensus price target of $638.58.

Synopsys Trading Down 0.3 %

Shares of SNPS traded down $1.39 during midday trading on Friday, reaching $448.60. 3,362,089 shares of the stock were exchanged, compared to its average volume of 1,020,823. Synopsys, Inc. has a 52 week low of $425.73 and a 52 week high of $624.80. The company's 50 day moving average is $491.19 and its two-hundred day moving average is $506.23. The company has a market capitalization of $69.36 billion, a P/E ratio of 30.90, a PEG ratio of 3.23 and a beta of 1.16.

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.