Van ECK Associates Corp Sells 55,722 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Van ECK Associates Corp cut its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 3.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,549,279 shares of the semiconductor company’s stock after selling 55,722 shares during the quarter. Synopsys makes up 1.0% of Van ECK Associates Corp’s portfolio, making the stock its 23rd largest position. Van ECK Associates Corp’s holdings in Synopsys were worth $751,958,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. State Street Corp raised its holdings 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 increased its position in shares of Synopsys by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company’s stock worth $1,656,005,000 after purchasing an additional 61,799 shares during the last quarter. Edgewood Management LLC raised its stake 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 worth $1,554,540,000 after purchasing an additional 487,025 shares in the last quarter. Parnassus Investments LLC acquired a new stake in shares of Synopsys in the 3rd quarter valued at approximately $633,469,000. Finally, Janus Henderson Group PLC grew its stake in shares of Synopsys by 7.7% in the third quarter. Janus Henderson Group PLC now owns 1,139,887 shares of the semiconductor company’s stock valued at $577,289,000 after buying an additional 81,198 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $509.71 on Thursday. Synopsys, Inc. has a one year low of $457.52 and a one year high of $629.38. The firm has a market cap of $78.79 billion, a price-to-earnings ratio of 35.10, a P/E/G ratio of 3.49 and a beta of 1.12. The stock’s fifty day moving average price is $511.98 and its two-hundred day moving average price is $518.22.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SNPS. Piper Sandler dropped their price target on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research report on Friday, December 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $635.00 target price on shares of Synopsys in a research note on Wednesday, December 4th. Redburn Atlantic initiated coverage on Synopsys in a report on Monday, January 13th. They set a “buy” rating and a $600.00 price target for the company. Loop Capital initiated coverage on Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. Finally, Mizuho started 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, Synopsys currently has an average rating of “Moderate Buy” and a consensus target price of $641.82.

Insider Activity at Synopsys

In other Synopsys 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 transaction, the executive now owns 1,460 shares in the company, valued at $738,774.60. This represents a 93.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.66% of the stock is currently owned by corporate insiders.

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.