Arrowstreet Capital Limited Partnership Acquires Shares of 3,457 Synopsys, Inc. (NASDAQ:SNPS)

Arrowstreet Capital Limited Partnership bought a new position in Synopsys, Inc. (NASDAQ:SNPS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,457 shares of the semiconductor company’s stock, valued at approximately $1,678,000.

Other hedge funds also recently made changes to their positions in the company. Kieckhefer Group LLC acquired a new stake in Synopsys in the fourth quarter valued at $27,000. Whipplewood Advisors LLC purchased a new position in shares of Synopsys in the 4th quarter valued at about $33,000. Sierra Ocean LLC acquired a new stake in shares of Synopsys in the fourth quarter valued at about $39,000. Newbridge Financial Services Group Inc. purchased a new stake in Synopsys during the fourth quarter worth about $51,000. Finally, Versant Capital Management Inc grew its position in 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 buying an additional 59 shares during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.

Synopsys Price Performance

NASDAQ SNPS opened at $406.89 on Friday. The firm has a market capitalization of $62.91 billion, a PE ratio of 28.02, a P/E/G ratio of 3.23 and a beta of 1.23. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80. The company’s 50 day simple moving average is $459.56 and its 200 day simple moving average is $498.75.

Insider Activity at Synopsys

In related news, insider Geus Aart De sold 15,705 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total value of $6,979,616.10. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the sale, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at $32,890,077.50. This represents a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,909 shares of company stock valued at $22,794,835 over the last ninety days. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SNPS shares. Morgan Stanley dropped their price objective on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. Needham & Company LLC reissued a “buy” rating and issued a $650.00 price objective on shares of Synopsys in a research note on Thursday, February 27th. Wells Fargo & Company reduced their price target on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Piper Sandler dropped their price objective on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Finally, Redburn Atlantic assumed coverage on Synopsys in a research report on Monday, January 13th. They set a “buy” rating and a $600.00 price objective for the company. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Synopsys has a consensus rating of “Moderate Buy” and an average price target of $638.58.

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.