Synopsys, Inc. (NASDAQ:SNPS) Position Trimmed by Fifth Third Bancorp

Fifth Third Bancorp cut its stake in Synopsys, Inc. (NASDAQ:SNPS) by 3.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,147 shares of the semiconductor company’s stock after selling 7,817 shares during the quarter. Fifth Third Bancorp owned approximately 0.13% of Synopsys worth $97,629,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Parnassus Investments LLC acquired a new stake in shares of Synopsys in the third quarter worth about $633,469,000. Edgewood Management LLC raised its position in shares of Synopsys by 18.9% in 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 period. Van ECK Associates Corp boosted its holdings 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 during the period. Impax Asset Management Group plc raised its holdings in 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 acquiring an additional 267,836 shares during the period. Finally, Wellington Management Group LLP lifted its position in Synopsys by 32.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock worth $531,056,000 after acquiring an additional 257,526 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the transaction, the executive now owns 1,460 shares in the company, valued at $738,774.60. This represents a 93.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SNPS. Berenberg Bank assumed coverage on Synopsys in a research report on Tuesday, October 15th. They issued a “buy” rating and a $660.00 price target on the stock. Piper Sandler reduced their price target on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a report on Friday, December 6th. Loop Capital initiated coverage on shares of Synopsys in a report on Monday, November 11th. They set a “buy” rating and a $675.00 price objective on the stock. Wells Fargo & Company decreased their target price on Synopsys from $570.00 to $540.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research note on Thursday, December 5th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $641.82.

Synopsys Stock Down 1.0 %

Shares of SNPS stock opened at $546.19 on Friday. The company has a market capitalization of $84.43 billion, a P/E ratio of 37.62, a P/E/G ratio of 3.57 and a beta of 1.12. Synopsys, Inc. has a 12-month low of $457.52 and a 12-month high of $629.38. The firm has a 50-day moving average price of $518.17 and a 200 day moving average price of $524.66.

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.