DAVENPORT & Co LLC Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

DAVENPORT & Co LLC grew its stake in Synopsys, Inc. (NASDAQ:SNPS) by 2.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,521 shares of the semiconductor company’s stock after acquiring an additional 70 shares during the period. DAVENPORT & Co LLC’s holdings in Synopsys were worth $1,224,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling at Synopsys

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business’s 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 completion of the sale, the executive now owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SNPS. Redburn Atlantic assumed coverage on shares of Synopsys in a research report on Monday, January 13th. They set a “buy” rating and a $600.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price target on shares of Synopsys in a research report on Thursday, December 5th. Robert W. Baird dropped 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. Piper Sandler reduced their price objective on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Finally, Mizuho initiated coverage on Synopsys in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 target price for the company. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Synopsys presently has a consensus rating of “Moderate Buy” and an average target price of $641.82.

Synopsys Stock Performance

NASDAQ:SNPS opened at $533.18 on Friday. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The stock has a market cap of $82.42 billion, a P/E ratio of 36.72, a P/E/G ratio of 3.44 and a beta of 1.12. The stock has a 50-day simple moving average of $514.44 and a 200-day simple moving average of $519.45.

Synopsys 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.