Principal Financial Group Inc. Grows Stake in Synopsys, Inc. (NASDAQ:SNPS)

Principal Financial Group Inc. lifted its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 259,257 shares of the semiconductor company's stock after purchasing an additional 11,291 shares during the quarter. Principal Financial Group Inc. owned 0.17% of Synopsys worth $125,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Sierra Ocean LLC bought a new position in Synopsys in the 4th quarter valued at approximately $39,000. Meridiem Investment Management Ltd. raised its stake in shares of Synopsys by 13.1% in the fourth quarter. Meridiem Investment Management Ltd. now owns 557,174 shares of the semiconductor company's stock worth $270,322,000 after purchasing an additional 64,322 shares during the last quarter. WD Rutherford LLC lifted its holdings in shares of Synopsys by 6.0% during the fourth quarter. WD Rutherford LLC now owns 1,745 shares of the semiconductor company's stock valued at $847,000 after purchasing an additional 98 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its holdings in shares of Synopsys by 1.0% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 4,542 shares of the semiconductor company's stock valued at $2,205,000 after purchasing an additional 46 shares in the last quarter. Finally, Secured Retirement Advisors LLC boosted its position in shares of Synopsys by 9.8% during the fourth quarter. Secured Retirement Advisors LLC now owns 3,979 shares of the semiconductor company's stock valued at $1,931,000 after buying an additional 355 shares during the last quarter. Institutional investors own 85.47% of the company's stock.

Insiders Place Their Bets

In other news, CRO Richard S. Mahoney sold 20,838 shares of Synopsys stock in a transaction dated 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 directly owns 1,460 shares of the company's stock, valued at $738,774.60. The trade was a 93.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.66% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SNPS shares. Needham & Company LLC reissued a "buy" rating and issued a $640.00 target price on shares of Synopsys in a research report on Thursday, December 5th. Wells Fargo & Company decreased their price objective on shares of Synopsys from $570.00 to $540.00 and set an "equal weight" rating for the company in a report on Monday, January 13th. Redburn Atlantic assumed coverage on shares of Synopsys in a report on Monday, January 13th. They issued a "buy" rating and a $600.00 target price on the stock. Robert W. Baird cut their target price on shares of Synopsys from $644.00 to $630.00 and set an "outperform" rating for the company in a research report on Thursday, December 5th. Finally, Piper Sandler lowered their price target on Synopsys from $670.00 to $655.00 and set an "overweight" rating on the stock in a report on Friday, December 6th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Synopsys has a consensus rating of "Moderate Buy" and an average price target of $641.82.

Synopsys Price Performance

Shares of NASDAQ:SNPS traded down $19.13 during midday trading on Friday, hitting $474.84. The company had a trading volume of 1,370,372 shares, compared to its average volume of 1,066,749. The company has a market cap of $73.40 billion, a price-to-earnings ratio of 32.70, a PEG ratio of 3.28 and a beta of 1.12. The company has a fifty day moving average of $510.88 and a two-hundred day moving average of $517.44. Synopsys, Inc. has a 12-month low of $457.52 and a 12-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.