Alkeon Capital Management LLC Trims Stake in Synopsys, Inc. (NASDAQ:SNPS)

Alkeon Capital Management LLC reduced its stake in Synopsys, Inc. (NASDAQ:SNPS) by 0.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 668,637 shares of the semiconductor company’s stock after selling 430 shares during the quarter. Synopsys makes up approximately 0.6% of Alkeon Capital Management LLC’s investment portfolio, making the stock its 26th biggest position. Alkeon Capital Management LLC’s holdings in Synopsys were worth $338,591,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of SNPS. Davidson Capital Management Inc. lifted its position in shares of Synopsys by 33,828.6% during the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock valued at $2,405,000 after buying an additional 4,736 shares in the last quarter. Swiss National Bank lifted its holdings in Synopsys by 0.7% during the third quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock valued at $230,306,000 after purchasing an additional 3,200 shares in the last quarter. Harvest Portfolios Group Inc. lifted its holdings in Synopsys by 3.7% during the third quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock valued at $21,330,000 after purchasing an additional 1,496 shares in the last quarter. Parnassus Investments LLC bought a new position in shares of Synopsys in the third quarter worth approximately $633,469,000. Finally, Jacobs & Co. CA bought a new stake in shares of Synopsys during the 3rd quarter valued at $10,554,000. Institutional investors own 85.47% of the company’s stock.

Synopsys Stock Down 1.1 %

Synopsys stock opened at $547.74 on Friday. Synopsys, Inc. has a 52-week low of $457.52 and a 52-week high of $629.38. The firm’s fifty day moving average is $524.79 and its 200 day moving average is $545.72. The company has a market cap of $84.14 billion, a price-to-earnings ratio of 56.82, a PEG ratio of 3.34 and a beta of 1.08.

Analyst Ratings Changes

Several brokerages recently weighed in on SNPS. Rosenblatt Securities reaffirmed a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Friday, August 23rd. Piper Sandler decreased their target price on Synopsys from $687.00 to $670.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Mizuho started coverage on Synopsys in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price target for the company. Berenberg Bank started coverage on shares of Synopsys in a report on Tuesday, October 15th. They set a “buy” rating and a $660.00 price objective for the company. Finally, Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $653.80.

About Synopsys

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.