Freedom Investment Management Inc. Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Freedom Investment Management Inc. grew its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 28.2% in the third quarter, HoldingsChannel reports. The firm owned 2,816 shares of the semiconductor company’s stock after buying an additional 619 shares during the quarter. Freedom Investment Management Inc.’s holdings in Synopsys were worth $1,426,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in SNPS. Edgewood Management LLC lifted its position in Synopsys by 18.9% during the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after purchasing an additional 487,025 shares during the last quarter. Swedbank AB boosted its holdings in shares of Synopsys by 1.4% in the 2nd quarter. Swedbank AB now owns 1,866,133 shares of the semiconductor company’s stock worth $1,110,461,000 after purchasing an additional 25,999 shares during the period. Van ECK Associates Corp raised its holdings in Synopsys by 26.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock valued at $791,923,000 after buying an additional 335,993 shares during the period. Parnassus Investments LLC bought a new stake in Synopsys in the third quarter worth $633,469,000. Finally, Vontobel Holding Ltd. boosted its stake in Synopsys by 4.7% during the third quarter. Vontobel Holding Ltd. now owns 965,256 shares of the semiconductor company’s stock worth $488,796,000 after buying an additional 43,228 shares during the period. 85.47% of the stock is owned by institutional investors.

Synopsys Trading Down 1.1 %

Shares of SNPS stock opened at $547.74 on Thursday. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38. The stock has a fifty day simple moving average of $524.12 and a two-hundred day simple moving average of $545.71. The stock has a market capitalization of $84.14 billion, a price-to-earnings ratio of 56.82, a P/E/G ratio of 3.43 and a beta of 1.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SNPS shares. Mizuho began coverage on shares of Synopsys in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Loop Capital assumed coverage on Synopsys in a research note on Monday, November 11th. They set a “buy” rating and a $675.00 target price on the stock. Piper Sandler decreased their price target on Synopsys from $687.00 to $670.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. upped their price objective on Synopsys from $655.00 to $685.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $653.80.

Synopsys Company 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.