Synopsys, Inc. (NASDAQ:SNPS) Stake Reduced by Prudential Financial Inc.

Prudential Financial Inc. trimmed its stake in Synopsys, Inc. (NASDAQ:SNPS) by 15.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 78,659 shares of the semiconductor company’s stock after selling 14,002 shares during the quarter. Prudential Financial Inc. owned approximately 0.05% of Synopsys worth $38,178,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Kieckhefer Group LLC acquired a new position in Synopsys during the 4th quarter valued at about $27,000. Whipplewood Advisors LLC acquired a new position in shares of Synopsys during the fourth quarter worth approximately $33,000. Sierra Ocean LLC bought a new position in Synopsys in the 4th quarter worth approximately $39,000. Newbridge Financial Services Group Inc. bought a new position in shares of Synopsys in the fourth quarter worth $51,000. Finally, Versant Capital Management Inc increased its holdings in shares of 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 during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.

Synopsys Trading Down 0.1 %

NASDAQ SNPS opened at $457.23 on Wednesday. Synopsys, Inc. has a 1 year low of $425.73 and a 1 year high of $624.80. The company has a market cap of $70.70 billion, a PE ratio of 31.49, a PEG ratio of 3.23 and a beta of 1.16. The stock’s 50-day moving average price is $489.94 and its two-hundred day moving average price is $506.26.

Insider Transactions at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of Synopsys stock in a transaction that occurred on 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 transaction, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the 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 completion of the sale, the chief executive officer now owns 70,922 shares of the company’s stock, valued at $32,890,077.50. The trade was a 13.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,909 shares of company stock valued at $22,794,835 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

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

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.