Victory Capital Management Inc. Trims Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Victory Capital Management Inc. reduced its stake in Synopsys, Inc. (NASDAQ:SNPS) by 13.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 196,180 shares of the semiconductor company’s stock after selling 29,654 shares during the period. Victory Capital Management Inc.’s holdings in Synopsys were worth $95,218,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNPS. Parnassus Investments LLC purchased a new stake in Synopsys in the 3rd quarter valued at about $633,469,000. Edgewood Management LLC raised its holdings in 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. Proficio Capital Partners LLC raised its holdings in Synopsys by 71,578.5% in the 4th quarter. Proficio Capital Partners LLC now owns 386,347 shares of the semiconductor company’s stock valued at $187,517,000 after buying an additional 385,808 shares during the period. Impax Asset Management Group plc raised its holdings in Synopsys by 120.2% in 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 buying an additional 267,836 shares during the period. Finally, Wellington Management Group LLP raised its holdings 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 buying an additional 257,526 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Stock Performance

Shares of Synopsys stock opened at $445.73 on Friday. Synopsys, Inc. has a one year low of $429.77 and a one year high of $624.80. The company has a market cap of $68.92 billion, a PE ratio of 30.70, a P/E/G ratio of 3.23 and a beta of 1.12. The business has a 50-day simple moving average of $502.01 and a 200-day simple moving average of $513.09.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Loop Capital started coverage on shares of Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 target price on shares of Synopsys in a research report on Thursday, February 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research report on Tuesday, February 25th. 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 research report on Thursday, December 5th. Finally, Piper Sandler dropped their target price on Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Insider Transactions at Synopsys

In related news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the completion of the transaction, the executive now directly owns 1,460 shares of the company’s stock, valued at $738,774.60. This represents a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the company’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 value of $5,270,982.50. Following the completion of the transaction, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at $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. Corporate insiders own 0.62% of the company’s stock.

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.