Corebridge Financial Inc. Sells 1,315 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Corebridge Financial Inc. lowered its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 2.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 50,494 shares of the semiconductor company’s stock after selling 1,315 shares during the quarter. Corebridge Financial Inc.’s holdings in Synopsys were worth $24,508,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in SNPS. Kieckhefer Group LLC bought a new position in Synopsys during the 4th quarter worth $27,000. Whipplewood Advisors LLC bought a new position in Synopsys during the fourth quarter worth about $33,000. Sierra Ocean LLC bought a new position in Synopsys during the fourth quarter worth about $39,000. Newbridge Financial Services Group Inc. acquired a new stake in Synopsys in the 4th quarter worth about $51,000. Finally, Versant Capital Management Inc boosted its holdings in Synopsys by 109.3% in the 4th 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 during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SNPS shares. Morgan Stanley dropped their price target on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research report on Monday, February 24th. Wells Fargo & Company dropped 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. Redburn Atlantic assumed coverage on Synopsys in a report on Monday, January 13th. They set a “buy” rating and a $600.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research note on Tuesday, February 25th. Finally, Piper Sandler reduced their price objective on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Synopsys has an average rating of “Moderate Buy” and a consensus target price of $638.58.

Synopsys Stock Performance

NASDAQ SNPS opened at $448.60 on Monday. The firm’s fifty day moving average price is $491.19 and its two-hundred day moving average price is $506.44. The stock has a market cap of $69.36 billion, a PE ratio of 30.90, a PEG ratio of 3.23 and a beta of 1.16. Synopsys, Inc. has a fifty-two week low of $425.73 and a fifty-two week high of $624.80.

Insider Buying and Selling

In other news, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the sale, the chief executive officer now directly owns 70,922 shares in the company, valued at approximately $32,890,077.50. The trade was a 13.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Geus Aart De sold 15,705 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the sale, the insider now directly owns 116,671 shares in the company, valued at $51,850,925.82. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,909 shares of company stock worth $22,794,835 in the last 90 days. Insiders own 0.62% of the company’s stock.

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.