Tocqueville Asset Management L.P. reduced its position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 93.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 787 shares of the semiconductor company's stock after selling 11,125 shares during the period. Tocqueville Asset Management L.P.'s holdings in Synopsys were worth $382,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Edgewood Management LLC boosted its stake 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 acquiring an additional 487,025 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Synopsys during the fourth quarter worth about $199,065,000. Proficio Capital Partners LLC lifted its position in shares of Synopsys by 71,578.5% during the fourth quarter. Proficio Capital Partners LLC now owns 386,347 shares of the semiconductor company's stock worth $187,517,000 after purchasing an additional 385,808 shares during the last quarter. Wellington Management Group LLP raised its stake in Synopsys by 32.5% during the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company's stock valued at $531,056,000 after buying an additional 257,526 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt bought a new stake in shares of Synopsys in the 4th quarter valued at approximately $104,741,000. 85.47% of the stock is owned by hedge funds and other institutional investors.
Synopsys Trading Up 2.0 %
NASDAQ:SNPS traded up $9.17 during mid-day trading on Monday, reaching $457.77. 974,180 shares of the stock were exchanged, compared to its average volume of 1,020,637. The business has a fifty day moving average price of $491.19 and a 200 day moving average price of $506.44. Synopsys, Inc. has a 1-year low of $425.73 and a 1-year high of $624.80. The firm has a market capitalization of $70.78 billion, a PE ratio of 31.53, a PEG ratio of 3.23 and a beta of 1.16.
Insider Transactions at Synopsys
In other news, CEO Sassine Ghazi sold 11,366 shares of the firm'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 directly owns 70,922 shares of the company's stock, valued at $32,890,077.50. This trade represents a 13.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Geus Aart De sold 15,705 shares of the company's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the sale, the insider now directly owns 116,671 shares of the company's stock, valued at approximately $51,850,925.82. This represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,909 shares of company stock valued at $22,794,835 in the last quarter. Insiders own 0.62% of the company's stock.
Analyst Ratings Changes
SNPS has been the subject of a number of research reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $660.00 price objective on shares of Synopsys in a report on Tuesday, February 25th. Robert W. Baird decreased their price target on shares of Synopsys from $644.00 to $630.00 and set an "outperform" rating for the company in a report on Thursday, December 5th. Redburn Atlantic initiated 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. Needham & Company LLC reiterated a "buy" rating and set a $650.00 price target on shares of Synopsys in a research report on Thursday, February 27th. Finally, Piper Sandler lowered their price objective on Synopsys from $655.00 to $653.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. One 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $638.58.
Get Our Latest Stock Analysis on Synopsys
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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