Geode Capital Management LLC Raises Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Geode Capital Management LLC lifted its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 2.3% in the fourth quarter, HoldingsChannel reports. The firm owned 3,357,165 shares of the semiconductor company’s stock after purchasing an additional 75,298 shares during the quarter. Geode Capital Management LLC’s holdings in Synopsys were worth $1,625,230,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SNPS. Norges Bank purchased a new stake in Synopsys during the fourth quarter valued at approximately $583,608,000. Raymond James Financial Inc. purchased a new stake in shares of Synopsys in the fourth quarter valued at $199,065,000. Proficio Capital Partners LLC lifted its holdings in shares of Synopsys by 71,578.5% in the 4th quarter. Proficio Capital Partners LLC now owns 386,347 shares of the semiconductor company’s stock worth $187,517,000 after acquiring an additional 385,808 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Synopsys by 32.5% during the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock valued at $531,056,000 after buying an additional 257,526 shares during the period. Finally, Alecta Tjanstepension Omsesidigt purchased a new position in Synopsys during the 4th quarter valued at $104,741,000. Institutional investors own 85.47% of the company’s stock.

Synopsys Stock Performance

NASDAQ:SNPS opened at $435.94 on Wednesday. Synopsys, Inc. has a fifty-two week low of $423.08 and a fifty-two week high of $624.80. The company’s 50-day simple moving average is $481.79 and its 200-day simple moving average is $504.91. The stock has a market capitalization of $67.41 billion, a P/E ratio of 30.02, a P/E/G ratio of 3.23 and a beta of 1.16.

Insiders Place Their Bets

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction dated 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 sale, the executive now owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Geus Aart De sold 15,705 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the completion of the transaction, the insider now directly owns 116,671 shares of the company’s stock, valued at $51,850,925.82. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,909 shares of company stock valued at $22,794,835. 0.62% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SNPS shares. Rosenblatt Securities reissued a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a research report on Tuesday, February 25th. Piper Sandler lowered their price target on Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Robert W. Baird dropped 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. Wells Fargo & Company decreased their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Finally, Redburn Atlantic began coverage on Synopsys in a research note on Monday, January 13th. They set a “buy” rating and a $600.00 price target on the stock. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.