Wells Fargo & Company MN Cuts Stake in Synopsys, Inc. (NASDAQ:SNPS)

Wells Fargo & Company MN lowered its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 15.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 206,321 shares of the semiconductor company’s stock after selling 37,258 shares during the quarter. Wells Fargo & Company MN’s holdings in Synopsys were worth $100,140,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Rosenblum Silverman Sutton S F Inc. CA increased its holdings in Synopsys by 1.8% in the 4th quarter. Rosenblum Silverman Sutton S F Inc. CA now owns 13,389 shares of the semiconductor company’s stock valued at $6,498,000 after acquiring an additional 243 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Synopsys by 50.8% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 98 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 33 shares in the last quarter. ExodusPoint Capital Management LP increased its holdings in shares of Synopsys by 521.8% in the fourth quarter. ExodusPoint Capital Management LP now owns 81,111 shares of the semiconductor company’s stock worth $39,368,000 after purchasing an additional 68,067 shares during the last quarter. Grant Private Wealth Management Inc purchased a new stake in shares of Synopsys in the fourth quarter worth about $224,000. Finally, Motley Fool Asset Management LLC boosted its stake in Synopsys by 14.0% during the fourth quarter. Motley Fool Asset Management LLC now owns 8,207 shares of the semiconductor company’s stock valued at $3,983,000 after buying an additional 1,007 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $380.90 on Tuesday. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $624.80. The firm has a 50-day simple moving average of $471.23 and a two-hundred day simple moving average of $502.20. The company has a market cap of $58.89 billion, a P/E ratio of 26.23, a PEG ratio of 3.23 and a beta of 1.23.

Analyst Ratings Changes

SNPS has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 price objective on shares of Synopsys in a report on Thursday, February 27th. Morgan Stanley decreased their price target on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. Redburn Atlantic began coverage on shares of Synopsys in a research note on Monday, January 13th. They issued a “buy” rating and a $600.00 price objective for the company. Piper Sandler reduced their target price on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 price target on shares of Synopsys in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $638.58.

Insider Transactions at Synopsys

In related news, insider Geus Aart De sold 15,705 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the transaction, the insider now owns 116,671 shares of the company’s stock, valued at $51,850,925.82. This trade represents a 11.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the completion of the sale, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at approximately $32,890,077.50. This trade represents a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,909 shares of company stock worth $22,794,835. 0.62% of the stock is currently owned by company insiders.

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.