Choate Investment Advisors Increases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Choate Investment Advisors increased its position in Synopsys, Inc. (NASDAQ:SNPS) by 18.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 497 shares of the semiconductor company’s stock after buying an additional 78 shares during the quarter. Choate Investment Advisors’ holdings in Synopsys were worth $241,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Natixis Advisors LLC boosted its stake in shares of Synopsys by 5.2% in the fourth quarter. Natixis Advisors LLC now owns 180,720 shares of the semiconductor company’s stock valued at $87,714,000 after purchasing an additional 9,012 shares during the period. M & L Capital Management Ltd acquired a new stake in Synopsys in the fourth quarter valued at $21,623,000. Picton Mahoney Asset Management raised its holdings in Synopsys by 4.7% in the fourth quarter. Picton Mahoney Asset Management now owns 31,489 shares of the semiconductor company’s stock valued at $15,285,000 after acquiring an additional 1,425 shares in the last quarter. Midwest Professional Planners LTD. raised its holdings in Synopsys by 8.0% in the fourth quarter. Midwest Professional Planners LTD. now owns 1,776 shares of the semiconductor company’s stock valued at $862,000 after acquiring an additional 132 shares in the last quarter. Finally, Intact Investment Management Inc. raised its holdings in Synopsys by 66.7% in the fourth quarter. Intact Investment Management Inc. now owns 1,900 shares of the semiconductor company’s stock valued at $922,000 after acquiring an additional 760 shares in the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNPS has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. Morgan Stanley dropped their target price on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a report on Monday, February 24th. Finally, Robert W. Baird dropped their target price on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

Synopsys Stock Up 1.6 %

SNPS stock opened at $453.51 on Tuesday. Synopsys, Inc. has a fifty-two week low of $425.73 and a fifty-two week high of $624.80. The firm’s 50-day simple moving average is $494.94 and its 200 day simple moving average is $507.85. The stock has a market cap of $70.12 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16.

Insider Buying and Selling

In related news, insider Geus Aart De sold 15,705 shares of the 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 sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Richard S. Mahoney sold 20,838 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of the sale, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. This trade represents a 93.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,909 shares of company stock valued at $22,794,835 in the last quarter. Company insiders own 0.62% of the company’s stock.

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.