PNC Financial Services Group Inc. Buys 703 Shares of Synopsys, Inc. (NASDAQ:SNPS)

PNC Financial Services Group Inc. grew its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 2.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 25,418 shares of the semiconductor company’s stock after purchasing an additional 703 shares during the period. PNC Financial Services Group Inc.’s holdings in Synopsys were worth $12,337,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SNPS. Parnassus Investments LLC acquired a new position in Synopsys in the 3rd quarter valued at approximately $633,469,000. Edgewood Management LLC increased its position in shares of 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 period. Raymond James Financial Inc. acquired a new position in shares of Synopsys in the fourth quarter valued at $199,065,000. Proficio Capital Partners LLC lifted its position in Synopsys by 71,578.5% in 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 period. Finally, Impax Asset Management Group plc boosted its stake in Synopsys by 120.2% during the third quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock worth $248,497,000 after buying an additional 267,836 shares in the last quarter. Institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

Shares of SNPS opened at $430.68 on Wednesday. The stock has a fifty day moving average price of $498.98 and a two-hundred day moving average price of $510.06. The company has a market cap of $66.59 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 3.23 and a beta of 1.16. Synopsys, Inc. has a 52-week low of $427.30 and a 52-week high of $624.80.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SNPS shares. Rosenblatt Securities restated a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a research note on Tuesday, February 25th. Needham & Company LLC reissued a “buy” rating and issued a $650.00 price target on shares of Synopsys in a research report on Thursday, February 27th. Wells Fargo & Company decreased their price objective on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Robert W. Baird dropped their target price on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Finally, Morgan Stanley cut their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

Insider Activity at Synopsys

In related news, insider Geus Aart De sold 15,705 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 116,671 shares of the company’s stock, valued at $51,850,925.82. This trade represents a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $463.75, for a total value of $5,270,982.50. Following the transaction, the chief executive officer now directly owns 70,922 shares in the company, valued at approximately $32,890,077.50. This represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,909 shares of company stock valued at $22,794,835 over the last ninety days. 0.62% of the stock is owned by insiders.

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.