Northwest & Ethical Investments L.P. Raises Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Northwest & Ethical Investments L.P. increased its stake in Synopsys, Inc. (NASDAQ:SNPS) by 88.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,617 shares of the semiconductor company’s stock after purchasing an additional 27,098 shares during the quarter. Synopsys accounts for 0.8% of Northwest & Ethical Investments L.P.’s portfolio, making the stock its 28th largest position. Northwest & Ethical Investments L.P.’s holdings in Synopsys were worth $29,177,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SNPS. Silvercrest Asset Management Group LLC boosted its holdings in Synopsys by 13.6% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,080 shares of the semiconductor company’s stock worth $2,332,000 after purchasing an additional 488 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in shares of Synopsys by 39.5% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,599 shares of the semiconductor company’s stock worth $914,000 after acquiring an additional 453 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Synopsys by 3.2% during the 1st quarter. Tidal Investments LLC now owns 6,833 shares of the semiconductor company’s stock worth $3,905,000 after acquiring an additional 215 shares during the last quarter. Comerica Bank boosted its stake in shares of Synopsys by 5.6% during the 1st quarter. Comerica Bank now owns 33,770 shares of the semiconductor company’s stock worth $19,300,000 after acquiring an additional 1,787 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Synopsys during the 1st quarter worth $286,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Synopsys Price Performance

Shares of Synopsys stock traded down $6.21 during trading hours on Thursday, reaching $547.74. The company’s stock had a trading volume of 771,494 shares, compared to its average volume of 1,051,233. The firm has a 50 day moving average price of $524.12 and a 200-day moving average price of $545.71. Synopsys, Inc. has a one year low of $457.52 and a one year high of $629.38. The stock has a market cap of $84.14 billion, a P/E ratio of 56.82, a P/E/G ratio of 3.43 and a beta of 1.08.

Wall Street Analysts Forecast Growth

SNPS has been the topic of several analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $635.00 price target on shares of Synopsys in a research note on Friday, August 23rd. Berenberg Bank initiated coverage on shares of Synopsys in a research note on Tuesday, October 15th. They set a “buy” rating and a $660.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Mizuho started coverage on shares of Synopsys in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $650.00 price objective on the stock. Finally, Robert W. Baird raised their price objective on shares of Synopsys from $661.00 to $663.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $653.80.

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.