Kentucky Retirement Systems Reduces Position in Synopsys, Inc. (NASDAQ:SNPS)

Kentucky Retirement Systems decreased its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,529 shares of the semiconductor company’s stock after selling 145 shares during the quarter. Kentucky Retirement Systems’ holdings in Synopsys were worth $5,110,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Parnassus Investments LLC bought a new position in Synopsys during the third quarter valued at approximately $633,469,000. Edgewood Management LLC raised its stake in Synopsys by 18.9% during the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after buying an additional 487,025 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Synopsys by 26.5% during the 3rd 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 period. Impax Asset Management Group plc boosted its stake in shares of Synopsys by 120.2% in the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock worth $248,497,000 after buying an additional 267,836 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Synopsys by 32.5% in the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock worth $531,056,000 after acquiring an additional 257,526 shares during the period. Institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Shares of SNPS stock opened at $474.84 on Friday. Synopsys, Inc. has a one year low of $457.52 and a one year high of $629.38. The company’s fifty day moving average price is $510.88 and its 200-day moving average price is $517.44. The company has a market capitalization of $73.40 billion, a price-to-earnings ratio of 32.70, a PEG ratio of 3.28 and a beta of 1.12.

Insider Buying and Selling 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on SNPS shares. Robert W. Baird lowered their target price on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. Loop Capital initiated coverage on shares of Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 price target for the company. Rosenblatt Securities reissued a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a report on Wednesday, December 4th. Redburn Atlantic began coverage on shares of Synopsys in a report on Monday, January 13th. They set a “buy” rating and a $600.00 target price for the company. Finally, Needham & Company LLC reiterated a “buy” rating and set a $640.00 price target on shares of Synopsys in a research note on Thursday, December 5th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and a consensus price target of $641.82.

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.