Principal Financial Group Inc. Boosts Position in Synopsys, Inc. (NASDAQ:SNPS)

Principal Financial Group Inc. grew its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 247,966 shares of the semiconductor company’s stock after buying an additional 2,655 shares during the period. Principal Financial Group Inc.’s holdings in Synopsys were worth $125,568,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Davidson Capital Management Inc. increased its holdings in Synopsys by 33,828.6% during the 3rd quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock worth $2,405,000 after acquiring an additional 4,736 shares during the period. Peloton Wealth Strategists grew its position in shares of Synopsys by 221.2% during the 3rd quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock valued at $1,459,000 after purchasing an additional 1,984 shares in the last quarter. Swiss National Bank raised its position in shares of Synopsys by 0.7% in the third quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock worth $230,306,000 after buying an additional 3,200 shares in the last quarter. Parnassus Investments LLC bought a new stake in Synopsys during the third quarter valued at $633,469,000. Finally, Harvest Portfolios Group Inc. grew its position in Synopsys by 3.7% during the third quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock worth $21,330,000 after buying an additional 1,496 shares in the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on SNPS shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $635.00 price target on shares of Synopsys in a report on Wednesday, December 4th. Berenberg Bank began coverage on shares of Synopsys in a research note on Tuesday, October 15th. They issued a “buy” rating and a $660.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Synopsys in a research note on Friday, November 22nd. They issued an “equal weight” rating and a $570.00 price target for the company. Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price target on the stock. Finally, Mizuho assumed coverage on shares of Synopsys in a report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $649.00.

Synopsys Stock Performance

SNPS stock opened at $492.18 on Friday. The firm has a market cap of $75.61 billion, a P/E ratio of 33.90, a P/E/G ratio of 3.41 and a beta of 1.08. The firm’s fifty day moving average is $528.97 and its 200 day moving average is $540.21. Synopsys, Inc. has a 52 week low of $457.52 and a 52 week high of $629.38.

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.