KLP Kapitalforvaltning AS Invests $26.45 Million in Synopsys, Inc. (NASDAQ:SNPS)

KLP Kapitalforvaltning AS bought a new position in shares of Synopsys, Inc. (NASDAQ:SNPS) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 54,490 shares of the semiconductor company’s stock, valued at approximately $26,447,000.

Several other hedge funds have also added to or reduced their stakes in the company. Kieckhefer Group LLC bought a new position in Synopsys during the 4th quarter worth $27,000. Whipplewood Advisors LLC acquired a new position in shares of Synopsys in the fourth quarter valued at 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.

Analysts Set New Price Targets

SNPS has been the topic of several recent research reports. Redburn Atlantic initiated coverage on shares of Synopsys in a report on Monday, January 13th. They set a “buy” rating and a $600.00 target price on the stock. Robert W. Baird lowered their price objective on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. 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 report on Thursday, February 27th. Wells Fargo & Company reduced their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Finally, 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. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Synopsys has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

Synopsys Trading Down 0.3 %

Shares of NASDAQ SNPS opened at $448.60 on Friday. The company has a market cap of $69.36 billion, a price-to-earnings ratio of 30.90, a PEG ratio of 3.23 and a beta of 1.16. Synopsys, Inc. has a 12 month low of $425.73 and a 12 month high of $624.80. The stock has a 50-day moving average price of $491.19 and a two-hundred day moving average price of $506.23.

Insider Activity at Synopsys

In other Synopsys news, insider Geus Aart De sold 15,705 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the sale, the insider now owns 116,671 shares in the company, valued at $51,850,925.82. This trade represents a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the transaction, the executive now owns 1,460 shares of the company’s stock, valued at $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,909 shares of company stock valued at $22,794,835. 0.62% of the stock is owned by insiders.

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.