Envestnet Asset Management Inc. Decreases Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Envestnet Asset Management Inc. lowered its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 174,094 shares of the semiconductor company’s stock after selling 7,605 shares during the period. Envestnet Asset Management Inc.’s holdings in Synopsys were worth $84,498,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Aviva PLC lifted its holdings in Synopsys by 6.5% in the 4th quarter. Aviva PLC now owns 92,509 shares of the semiconductor company’s stock worth $44,900,000 after buying an additional 5,663 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Synopsys in the fourth quarter worth about $1,229,000. Mizuho Bank Ltd. acquired a new position in shares of Synopsys in the fourth quarter worth about $58,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Synopsys in the fourth quarter valued at about $34,000. Finally, Resona Asset Management Co. Ltd. acquired a new stake in Synopsys during the 4th quarter valued at approximately $22,666,000. 85.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Morgan Stanley reduced their target price on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. Needham & Company LLC reiterated a “buy” rating and set a $650.00 price objective on shares of Synopsys in a research note on Thursday, February 27th. Wells Fargo & Company dropped their target price on shares of Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. Piper Sandler reduced their price target on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $638.58.

Insider Activity

In related news, CRO Richard S. Mahoney sold 20,838 shares of the 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Geus Aart De sold 15,705 shares of Synopsys stock in a transaction on 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 directly owns 116,671 shares in the company, valued at $51,850,925.82. The trade was a 11.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,909 shares of company stock valued at $22,794,835. 0.62% of the stock is currently owned by company insiders.

Synopsys Price Performance

Shares of SNPS opened at $381.59 on Wednesday. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $624.80. The stock has a fifty day moving average price of $465.72 and a 200 day moving average price of $500.48. The company has a market cap of $59.00 billion, a P/E ratio of 26.28, a PEG ratio of 3.23 and a beta of 1.23.

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.