Congress Asset Management Co. Has $135.40 Million Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Congress Asset Management Co. cut its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 0.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 278,973 shares of the semiconductor company’s stock after selling 1,775 shares during the quarter. Synopsys makes up about 0.9% of Congress Asset Management Co.’s investment portfolio, making the stock its 29th largest position. Congress Asset Management Co.’s holdings in Synopsys were worth $135,402,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its stake in Synopsys by 1.7% in the third quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after acquiring an additional 119,057 shares during the last quarter. Geode Capital Management LLC lifted its stake in Synopsys by 1.9% in the third quarter. Geode Capital Management LLC now owns 3,281,867 shares of the semiconductor company’s stock valued at $1,656,005,000 after acquiring an additional 61,799 shares during the last quarter. Edgewood Management LLC lifted its stake in Synopsys by 18.9% in the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after acquiring an additional 487,025 shares during the last quarter. Van ECK Associates Corp lifted its stake in Synopsys by 26.5% in the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock valued at $791,923,000 after acquiring an additional 335,993 shares during the last quarter. Finally, Parnassus Investments LLC acquired a new stake in Synopsys in the third quarter valued at approximately $633,469,000. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SNPS has been the subject of a number of analyst reports. Mizuho began coverage on shares of Synopsys in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 target price for the company. Piper Sandler reduced their price objective on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research note on Friday, December 6th. Loop Capital began coverage on shares of Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective for the company. Robert W. Baird reduced their price objective on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Thursday, December 5th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $641.82.

Synopsys Trading Down 1.1 %

Shares of SNPS stock opened at $522.53 on Friday. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The firm’s fifty day simple moving average is $510.78 and its 200 day simple moving average is $518.06. The firm has a market capitalization of $80.77 billion, a P/E ratio of 35.99, a price-to-earnings-growth ratio of 3.49 and a beta of 1.12.

Insider Buying and Selling at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total value of $10,544,236.38. Following the sale, the executive now owns 1,460 shares of the company’s stock, valued at $738,774.60. The trade was a 93.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.66% 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.