Daiwa Securities Group Inc. Sells 2,347 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Daiwa Securities Group Inc. lessened its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 5.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,854 shares of the semiconductor company’s stock after selling 2,347 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Synopsys were worth $20,314,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Kieckhefer Group LLC purchased a new position in Synopsys during the 4th quarter valued at about $27,000. Whipplewood Advisors LLC purchased a new position in Synopsys during the 4th quarter valued at about $33,000. Sierra Ocean LLC purchased a new position in shares of Synopsys during the fourth quarter worth about $39,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Synopsys during the fourth quarter worth about $51,000. Finally, Versant Capital Management Inc grew 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 worth $55,000 after purchasing an additional 59 shares in the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

Shares of SNPS stock opened at $429.85 on Tuesday. Synopsys, Inc. has a fifty-two week low of $427.30 and a fifty-two week high of $624.80. The stock has a 50 day moving average price of $500.07 and a two-hundred day moving average price of $510.83. The company has a market capitalization of $66.46 billion, a P/E ratio of 29.60, a PEG ratio of 3.23 and a beta of 1.16.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SNPS. Needham & Company LLC reissued a “buy” rating and set a $650.00 price objective on shares of Synopsys in a report on Thursday, February 27th. Piper Sandler cut their target price on Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Tuesday, February 25th. Redburn Atlantic initiated coverage on Synopsys in a research note on Monday, January 13th. They issued a “buy” rating and a $600.00 target price for the company. Finally, Morgan Stanley cut their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Synopsys presently has an average rating of “Moderate Buy” and an average price target of $638.58.

Insider Buying and Selling at Synopsys

In related news, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 70,922 shares in the company, valued at $32,890,077.50. This represents a 13.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Richard S. Mahoney sold 20,838 shares of the company’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 value of $10,544,236.38. Following the transaction, the executive now owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This represents a 93.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,909 shares of company stock worth $22,794,835. 0.62% of the stock is currently owned by insiders.

Synopsys 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.