QRG Capital Management Inc. Sells 2,965 Shares of Synopsys, Inc. (NASDAQ:SNPS)

QRG Capital Management Inc. decreased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 6.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,774 shares of the semiconductor company’s stock after selling 2,965 shares during the period. QRG Capital Management Inc.’s holdings in Synopsys were worth $19,790,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. State Street Corp boosted its stake in Synopsys by 1.7% during the third quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock worth $3,518,637,000 after acquiring an additional 119,057 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Synopsys by 1.9% during the third quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company’s stock valued at $1,656,005,000 after purchasing an additional 61,799 shares during the last quarter. Edgewood Management LLC raised its holdings in shares of Synopsys by 18.9% during the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after purchasing an additional 487,025 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of 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 last quarter. Finally, Parnassus Investments LLC purchased a new stake in Synopsys during the third quarter valued at approximately $633,469,000. Institutional investors own 85.47% of the company’s stock.

Insider Activity at Synopsys

In other news, CRO Richard S. Mahoney sold 20,838 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total value of $10,544,236.38. Following the sale, the executive now owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This represents a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.62% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SNPS shares. Piper Sandler reduced their target price on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a report on Friday, December 6th. Loop Capital began coverage on shares of Synopsys in a research report on Monday, November 11th. They set a “buy” rating and a $675.00 target price for the company. Robert W. Baird dropped their target price on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Rosenblatt Securities restated a “buy” rating and set a $660.00 target price on shares of Synopsys in a research report on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $639.58.

Synopsys Stock Up 2.7 %

Synopsys stock opened at $470.46 on Thursday. The company has a market cap of $72.72 billion, a price-to-earnings ratio of 32.40, a PEG ratio of 3.23 and a beta of 1.12. The firm’s fifty day moving average is $507.61 and its 200 day moving average is $516.56. Synopsys, Inc. has a 52-week low of $457.00 and a 52-week high of $624.80.

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.