Oppenheimer Asset Management Inc. Cuts Stake in Synopsys, Inc. (NASDAQ:SNPS)

Oppenheimer Asset Management Inc. lessened its stake in Synopsys, Inc. (NASDAQ:SNPS) by 2.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 23,902 shares of the semiconductor company’s stock after selling 515 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Synopsys were worth $11,601,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. State Street Corp lifted its position in Synopsys by 1.7% in the 3rd quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after acquiring an additional 119,057 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Synopsys by 1.9% in the third quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company’s stock worth $1,656,005,000 after purchasing an additional 61,799 shares during the last quarter. Edgewood Management LLC lifted its holdings in shares of Synopsys by 18.9% during the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after purchasing an additional 487,025 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Synopsys by 26.5% during the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock valued at $791,923,000 after buying an additional 335,993 shares during the last quarter. Finally, Parnassus Investments LLC bought a new stake in Synopsys in the 3rd quarter worth about $633,469,000. Institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

NASDAQ:SNPS opened at $454.71 on Friday. The stock has a 50-day simple moving average of $506.84 and a two-hundred day simple moving average of $516.13. The firm has a market capitalization of $70.29 billion, a PE ratio of 31.32, a P/E/G ratio of 3.23 and a beta of 1.12. Synopsys, Inc. has a 52-week low of $454.05 and a 52-week high of $624.80.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SNPS. Wells Fargo & Company lowered their target price on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research note on Thursday. Loop Capital started coverage on shares of Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 price objective on the stock. Robert W. Baird cut their target price on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company 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 report on Tuesday. Finally, Piper Sandler dropped their price target on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Synopsys has an average rating of “Moderate Buy” and an average target price of $638.58.

Insider Activity

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s 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 sale, the executive now owns 1,460 shares in the company, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

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.