Prudential Financial Inc. Sells 14,002 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Prudential Financial Inc. decreased its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 15.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,659 shares of the semiconductor company's stock after selling 14,002 shares during the period. Prudential Financial Inc. owned about 0.05% of Synopsys worth $38,178,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SNPS. Peloton Wealth Strategists lifted its stake in shares of Synopsys by 221.2% in the 3rd quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company's stock valued at $1,459,000 after acquiring an additional 1,984 shares during the last quarter. Nordea Investment Management AB raised its position in Synopsys by 15.9% in the fourth quarter. Nordea Investment Management AB now owns 1,043,995 shares of the semiconductor company's stock valued at $509,261,000 after purchasing an additional 143,284 shares during the last quarter. James Hambro & Partners LLP raised its position in Synopsys by 30.9% in the fourth quarter. James Hambro & Partners LLP now owns 201,460 shares of the semiconductor company's stock valued at $97,725,000 after purchasing an additional 47,527 shares during the last quarter. Orion Portfolio Solutions LLC boosted its stake in shares of Synopsys by 53.2% during the third quarter. Orion Portfolio Solutions LLC now owns 26,272 shares of the semiconductor company's stock valued at $13,304,000 after purchasing an additional 9,124 shares in the last quarter. Finally, Synovus Financial Corp grew its holdings in shares of Synopsys by 199.2% during the third quarter. Synovus Financial Corp now owns 15,062 shares of the semiconductor company's stock worth $7,627,000 after purchasing an additional 10,028 shares during the last quarter. Institutional investors and hedge funds own 85.47% of the company's stock.

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Insiders Place Their Bets

In related news, insider Geus Aart De sold 15,705 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares of the company's stock, valued at $51,850,925.82. This represents a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction on Monday, March 3rd. The shares were 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 directly owns 70,922 shares of the company's stock, valued at approximately $32,890,077.50. This trade represents a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,909 shares of company stock worth $22,794,835. Corporate insiders own 0.62% of the company's stock.

Synopsys Stock Performance

Shares of NASDAQ:SNPS traded down $8.28 during midday trading on Friday, reaching $437.95. The company's stock had a trading volume of 941,520 shares, compared to its average volume of 1,048,262. The firm has a market capitalization of $67.72 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 3.23 and a beta of 1.16. The firm has a 50 day moving average price of $485.62 and a two-hundred day moving average price of $505.72. Synopsys, Inc. has a fifty-two week low of $425.73 and a fifty-two week high of $624.80.

Analyst Ratings Changes

A number of research analysts recently issued reports on SNPS shares. Rosenblatt Securities reiterated a "buy" rating and issued a $660.00 price objective on shares of Synopsys in a report on Tuesday, February 25th. Needham & Company LLC reaffirmed a "buy" rating and set a $650.00 price target on shares of Synopsys in a research note on Thursday, February 27th. Morgan Stanley cut their price target on shares of Synopsys from $625.00 to $590.00 and set an "overweight" rating on the stock in a report on Monday, February 24th. Piper Sandler decreased their price objective on Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a report on Thursday, February 27th. 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 investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Synopsys currently has a consensus rating of "Moderate Buy" and a consensus target price of $638.58.

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.