Synopsys, Inc. (NASDAQ:SNPS) Stock Position Trimmed by Inspire Investing LLC

Inspire Investing LLC cut its position in Synopsys, Inc. (NASDAQ:SNPS) by 3.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,140 shares of the semiconductor company’s stock after selling 565 shares during the quarter. Synopsys comprises 0.8% of Inspire Investing LLC’s holdings, making the stock its 16th biggest position. Inspire Investing LLC’s holdings in Synopsys were worth $6,863,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNPS. Parnassus Investments LLC bought a new stake in shares of Synopsys during the 3rd quarter worth about $633,469,000. Edgewood Management LLC raised its position in shares of Synopsys by 18.9% during the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after buying an additional 487,025 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Synopsys by 26.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after buying an additional 335,993 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of Synopsys by 120.2% in the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock worth $248,497,000 after purchasing an additional 267,836 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Synopsys by 32.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock worth $531,056,000 after purchasing an additional 257,526 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors.

Synopsys Stock Performance

Shares of SNPS opened at $544.70 on Thursday. The company has a market capitalization of $84.20 billion, a PE ratio of 37.51, a PEG ratio of 3.47 and a beta of 1.12. The company’s 50 day moving average price is $518.10 and its 200 day moving average price is $524.47. Synopsys, Inc. has a 52 week low of $457.52 and a 52 week high of $629.38.

Insider Buying and Selling at Synopsys

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business’s 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 sale, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on SNPS. Wells Fargo & Company dropped their target price on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Wednesday, December 4th. Piper Sandler dropped their target price on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a report on Friday, December 6th. Robert W. Baird dropped their target price on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. Finally, Loop Capital assumed coverage on shares of Synopsys in a research report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $641.82.

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.