Sumitomo Life Insurance Co. Reduces Position in Synopsys, Inc. (NASDAQ:SNPS)

Sumitomo Life Insurance Co. lessened its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,741 shares of the semiconductor company’s stock after selling 117 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Synopsys were worth $4,243,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Pacifica Partners Inc. bought a new position in Synopsys in the 3rd quarter worth about $25,000. Kieckhefer Group LLC bought a new position in shares of Synopsys in the fourth quarter valued at approximately $27,000. Tsfg LLC boosted its position in shares of Synopsys by 75.0% in the third quarter. Tsfg LLC now owns 56 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 24 shares during the period. Hazlett Burt & Watson Inc. grew its stake in Synopsys by 40.0% during the third quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 20 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new stake in Synopsys during the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Buying and Selling

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of Synopsys stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the transaction, the executive now 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. 0.66% of the stock is owned by company insiders.

Synopsys Stock Up 3.0 %

Shares of SNPS stock opened at $526.12 on Wednesday. The business’s fifty day moving average is $518.41 and its 200 day moving average is $522.22. The stock has a market cap of $81.33 billion, a price-to-earnings ratio of 36.23, a PEG ratio of 3.57 and a beta of 1.12. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38.

Analysts Set New Price Targets

A number of research analysts have recently commented on SNPS shares. Loop Capital began coverage on shares of Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 price target for the company. Robert W. Baird reduced their target price on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Mizuho assumed coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 target price for the company. Piper Sandler reduced their price target on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.