OVERSEA CHINESE BANKING Corp Ltd Sells 5,257 Shares of Synopsys, Inc. (NASDAQ:SNPS)

OVERSEA CHINESE BANKING Corp Ltd cut its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 20.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,043 shares of the semiconductor company’s stock after selling 5,257 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Synopsys were worth $9,728,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Parnassus Investments LLC purchased a new position in shares of Synopsys during the third quarter worth approximately $633,469,000. Edgewood Management LLC grew its holdings 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 valued at $1,554,540,000 after purchasing an additional 487,025 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Synopsys in the 4th quarter worth $199,065,000. Proficio Capital Partners LLC lifted its stake in Synopsys by 71,578.5% in the fourth quarter. Proficio Capital Partners LLC now owns 386,347 shares of the semiconductor company’s stock worth $187,517,000 after purchasing an additional 385,808 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Synopsys by 32.5% during the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock valued at $531,056,000 after buying an additional 257,526 shares during the period. Institutional investors own 85.47% of the company’s stock.

Insider Activity at Synopsys

In related news, insider Geus Aart De sold 15,705 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the sale, the insider now owns 116,671 shares of the company’s stock, valued at $51,850,925.82. The trade was a 11.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sassine Ghazi sold 11,366 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at $32,890,077.50. This represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,909 shares of company stock worth $22,794,835 over the last ninety days. 0.62% of the stock is owned by corporate insiders.

Synopsys Stock Performance

Synopsys stock opened at $447.99 on Wednesday. Synopsys, Inc. has a fifty-two week low of $425.73 and a fifty-two week high of $624.80. The stock has a market cap of $69.27 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 3.23 and a beta of 1.16. The stock’s 50 day simple moving average is $494.15 and its two-hundred day simple moving average is $507.35.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SNPS. Robert W. Baird dropped their target price on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Wells Fargo & Company dropped their price objective on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and set a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. Piper Sandler cut their price target 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 set a $660.00 price objective on shares of Synopsys in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $638.58.

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.