NewEdge Wealth LLC Sells 152 Shares of Synopsys, Inc. (NASDAQ:SNPS)

NewEdge Wealth LLC cut its stake in Synopsys, Inc. (NASDAQ:SNPS) by 2.3% in the 4th quarter, Holdings Channel reports. The fund owned 6,346 shares of the semiconductor company’s stock after selling 152 shares during the quarter. NewEdge Wealth LLC’s holdings in Synopsys were worth $3,080,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund grew its position in Synopsys by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 13,169 shares of the semiconductor company’s stock worth $6,392,000 after acquiring an additional 49 shares in the last quarter. Impact Investors Inc purchased a new position in Synopsys in the fourth quarter worth $395,000. Lake Street Advisors Group LLC grew its position in Synopsys by 14.2% in the fourth quarter. Lake Street Advisors Group LLC now owns 1,055 shares of the semiconductor company’s stock worth $512,000 after acquiring an additional 131 shares in the last quarter. FFT Wealth Management LLC grew its position in Synopsys by 3.3% in the fourth quarter. FFT Wealth Management LLC now owns 9,689 shares of the semiconductor company’s stock worth $4,703,000 after acquiring an additional 310 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Synopsys by 167.8% in the fourth quarter. Los Angeles Capital Management LLC now owns 94,138 shares of the semiconductor company’s stock worth $45,691,000 after acquiring an additional 58,980 shares in the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Synopsys Stock Up 0.6 %

NASDAQ:SNPS opened at $457.28 on Friday. The company’s 50 day moving average price is $506.14 and its 200-day moving average price is $515.69. Synopsys, Inc. has a 52 week low of $448.11 and a 52 week high of $624.80. The stock has a market cap of $70.69 billion, a price-to-earnings ratio of 31.49, a PEG ratio of 3.23 and a beta of 1.12.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SNPS shares. Piper Sandler cut their price target on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research report on Thursday. Morgan Stanley decreased their price target on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. Robert W. Baird decreased their price target on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Rosenblatt Securities reissued a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research note on Tuesday. Finally, Wells Fargo & Company decreased their price target on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research note on Thursday. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and an average price target of $638.58.

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.