State of Michigan Retirement System increased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,527 shares of the semiconductor company’s stock after purchasing an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in Synopsys were worth $13,259,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Mackenzie Financial Corp increased its stake in shares of Synopsys by 119.4% in the 3rd quarter. Mackenzie Financial Corp now owns 940,368 shares of the semiconductor company’s stock valued at $287,292,000 after acquiring an additional 511,708 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Synopsys by 240.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 584,796 shares of the semiconductor company’s stock valued at $186,720,000 after purchasing an additional 412,846 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Synopsys by 48.2% in the second quarter. Goldman Sachs Group Inc. now owns 1,086,864 shares of the semiconductor company’s stock worth $330,081,000 after purchasing an additional 353,668 shares during the period. CCLA Investment Management bought a new position in shares of Synopsys during the third quarter worth $54,410,000. Finally, Alliancebernstein L.P. boosted its position in shares of Synopsys by 81.9% during the third quarter. Alliancebernstein L.P. now owns 392,517 shares of the semiconductor company’s stock worth $119,918,000 after purchasing an additional 176,748 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.
Synopsys Trading Down 0.6 %
Shares of NASDAQ SNPS opened at $375.92 on Friday. The company has a market cap of $57.25 billion, a price-to-earnings ratio of 62.03, a PEG ratio of 3.33 and a beta of 1.18. Synopsys, Inc. has a 12 month low of $255.02 and a 12 month high of $392.79. The stock has a 50-day moving average price of $367.40 and a two-hundred day moving average price of $334.94.
Insider Transactions at Synopsys
In related news, COO Sassine Ghazi sold 29,136 shares of the firm’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $329.93, for a total transaction of $9,612,840.48. Following the sale, the chief operating officer now owns 52,609 shares of the company’s stock, valued at approximately $17,357,287.37. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Sassine Ghazi sold 29,136 shares of the company’s stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $329.93, for a total value of $9,612,840.48. Following the completion of the transaction, the chief operating officer now owns 52,609 shares of the company’s stock, valued at $17,357,287.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Runkel, Jr. sold 3,464 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $353.91, for a total transaction of $1,225,944.24. Following the completion of the transaction, the insider now owns 25,112 shares of the company’s stock, valued at approximately $8,887,387.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,600 shares of company stock worth $13,848,825. Corporate insiders own 0.69% of the company’s stock.
Analyst Ratings Changes
Several brokerages have issued reports on SNPS. Bank of America upgraded Synopsys from a “neutral” rating to a “buy” rating and set a $410.00 price target for the company in a report on Friday, December 16th. Atlantic Securities started coverage on shares of Synopsys in a report on Tuesday, January 17th. They set an “overweight” rating on the stock. StockNews.com started coverage on shares of Synopsys in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. Needham & Company LLC increased their price objective on shares of Synopsys from $420.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Finally, Wells Fargo & Company boosted their price objective on shares of Synopsys from $400.00 to $410.00 and gave the company an “overweight” rating in a research report on Thursday, February 16th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and a consensus target price of $424.18.
About Synopsys
Synopsys, Inc engages in the provision of software products and consulting services in the electronic design automation industry. It operates through the following segments: Semiconductor and System Design, and Software Integrity. The Semiconductor and System Design segment includes the EDA, IP and System Integration.
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