Synopsys, Inc. (NASDAQ:SNPS) Position Increased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its position in Synopsys, Inc. (NASDAQ:SNPS) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,418 shares of the semiconductor company’s stock after buying an additional 703 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Synopsys were worth $12,337,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Kieckhefer Group LLC purchased a new stake in Synopsys in the 4th quarter worth about $27,000. Whipplewood Advisors LLC acquired a new position in shares of Synopsys in the 4th quarter valued at about $33,000. Sierra Ocean LLC purchased a new stake in shares of Synopsys in the fourth quarter worth approximately $39,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Synopsys during the fourth quarter worth approximately $51,000. Finally, Versant Capital Management Inc grew its position in Synopsys by 109.3% during the fourth quarter. Versant Capital Management Inc now owns 113 shares of the semiconductor company’s stock valued at $55,000 after purchasing an additional 59 shares in the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Stock Up 0.2 %

Shares of Synopsys stock opened at $430.68 on Wednesday. Synopsys, Inc. has a 12-month low of $427.30 and a 12-month high of $624.80. The stock has a 50 day moving average price of $498.98 and a two-hundred day moving average price of $510.06. The stock has a market capitalization of $66.59 billion, a P/E ratio of 29.66, a PEG ratio of 3.23 and a beta of 1.16.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SNPS. Redburn Atlantic started coverage on shares of Synopsys in a research report on Monday, January 13th. They issued a “buy” rating and a $600.00 target price for the company. Wells Fargo & Company cut their price objective on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Piper Sandler lowered their target price on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Robert W. Baird cut their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $650.00 price target on shares of Synopsys in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Synopsys has an average rating of “Moderate Buy” and an average target price of $638.58.

Insider Transactions at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction on Monday, March 3rd. The shares were 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 owns 70,922 shares in the company, valued at $32,890,077.50. This trade represents a 13.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, the executive now owns 1,460 shares of the company’s stock, valued at $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,909 shares of company stock worth $22,794,835. 0.62% of the stock is owned by insiders.

About Synopsys

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.