Synopsys, Inc. (NASDAQ:SNPS) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC trimmed its stake in Synopsys, Inc. (NASDAQ:SNPS) by 0.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 26,213 shares of the semiconductor company’s stock after selling 138 shares during the quarter. ARK Investment Management LLC’s holdings in Synopsys were worth $12,723,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in SNPS. Allworth Financial LP grew its position in shares of Synopsys by 1.4% in the third quarter. Allworth Financial LP now owns 2,297 shares of the semiconductor company’s stock valued at $1,163,000 after purchasing an additional 32 shares during the period. Arkadios Wealth Advisors grew its position in shares of Synopsys by 13.2% in the third quarter. Arkadios Wealth Advisors now owns 912 shares of the semiconductor company’s stock valued at $462,000 after purchasing an additional 106 shares during the period. Strategic Wealth Investment Group LLC grew its position in shares of Synopsys by 26.4% in the third quarter. Strategic Wealth Investment Group LLC now owns 1,332 shares of the semiconductor company’s stock valued at $660,000 after purchasing an additional 278 shares during the period. abrdn plc grew its position in shares of Synopsys by 8.2% in the third quarter. abrdn plc now owns 77,099 shares of the semiconductor company’s stock valued at $39,130,000 after purchasing an additional 5,850 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Synopsys by 1.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 17,098 shares of the semiconductor company’s stock valued at $8,658,000 after purchasing an additional 177 shares during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $457.95 on Wednesday. Synopsys, Inc. has a 1-year low of $457.00 and a 1-year high of $624.80. The business has a 50-day moving average of $508.09 and a 200-day moving average of $516.89. The company has a market capitalization of $70.79 billion, a price-to-earnings ratio of 31.54, a PEG ratio of 3.23 and a beta of 1.12.

Insider Transactions at Synopsys

In other news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was 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 owns 1,460 shares of the company’s stock, valued at $738,774.60. This represents a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

SNPS has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price objective on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research report on Thursday, December 5th. Rosenblatt Securities reissued a “buy” rating and set a $660.00 price target on shares of Synopsys in a research report on Tuesday. Redburn Atlantic started coverage on Synopsys in a research report on Monday, January 13th. They set a “buy” rating and a $600.00 price target for the company. Finally, Wells Fargo & Company lowered their price target on Synopsys from $570.00 to $540.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $639.58.

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.