CIBC Asset Management Inc Acquires 5,253 Shares of Synopsys, Inc. (NASDAQ:SNPS)

CIBC Asset Management Inc lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 7.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 74,789 shares of the semiconductor company’s stock after purchasing an additional 5,253 shares during the period. CIBC Asset Management Inc’s holdings in Synopsys were worth $36,300,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Parnassus Investments LLC acquired a new position in shares of Synopsys in the 3rd quarter valued at $633,469,000. Edgewood Management LLC grew its position in shares of Synopsys by 18.9% during the 3rd quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after buying an additional 487,025 shares during the period. Van ECK Associates Corp grew its holdings in Synopsys by 26.5% during the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock valued at $791,923,000 after purchasing an additional 335,993 shares during the period. Impax Asset Management Group plc increased its stake in Synopsys by 120.2% in the third quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock valued at $248,497,000 after purchasing an additional 267,836 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Synopsys by 32.5% in the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock worth $531,056,000 after purchasing an additional 257,526 shares during the period. 85.47% of the stock is owned by institutional investors.

Insider Activity at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the transaction, the executive now directly owns 1,460 shares in the company, valued at $738,774.60. This trade represents a 93.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.66% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SNPS has been the topic of several research analyst reports. Wells Fargo & Company dropped their price objective on Synopsys from $570.00 to $540.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Redburn Atlantic initiated coverage on Synopsys in a report on Monday, January 13th. They set a “buy” rating and a $600.00 price objective on the stock. Piper Sandler lowered their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research note on Friday, December 6th. Loop Capital initiated coverage on shares of Synopsys in a research note 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 research report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 price objective on the stock. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $641.82.

Synopsys Stock Down 1.1 %

SNPS opened at $522.53 on Monday. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38. The company has a fifty day moving average of $510.78 and a 200-day moving average of $517.72. The stock has a market cap of $80.77 billion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 3.49 and a beta of 1.12.

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.