Synopsys (NASDAQ:SNPS) Stock Price Down 6.7% – Time to Sell?

Synopsys, Inc. (NASDAQ:SNPS) shares traded down 6.7% during mid-day trading on Wednesday . The company traded as low as $497.18 and last traded at $489.92. 413,780 shares changed hands during trading, a decline of 58% from the average session volume of 986,666 shares. The stock had previously closed at $525.00.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Loop Capital assumed coverage on shares of Synopsys in a report on Monday, November 11th. They set a “buy” rating and a $675.00 price objective for the company. Piper Sandler cut their target price on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a report on Friday, December 6th. Wells Fargo & Company cut their target price on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Robert W. Baird cut their target price on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $635.00 target price on shares of Synopsys in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Synopsys currently has a consensus rating of “Moderate Buy” and a consensus price target of $641.82.

Synopsys Price Performance

The stock has a market capitalization of $77.09 billion, a P/E ratio of 34.34, a P/E/G ratio of 3.42 and a beta of 1.12. The firm has a fifty day moving average of $511.45 and a two-hundred day moving average of $517.72.

Insiders Place Their Bets

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive now directly owns 1,460 shares in the company, valued at approximately $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Synopsys

A number of large investors have recently modified their holdings of the business. Davidson Capital Management Inc. boosted its position in Synopsys by 33,828.6% in the third quarter. Davidson Capital Management Inc. now owns 4,750 shares of the semiconductor company’s stock valued at $2,405,000 after buying an additional 4,736 shares during the last quarter. Peloton Wealth Strategists raised its stake in shares of Synopsys by 221.2% during the 3rd quarter. Peloton Wealth Strategists now owns 2,881 shares of the semiconductor company’s stock worth $1,459,000 after buying an additional 1,984 shares during the period. Swiss National Bank raised its stake in shares of Synopsys by 0.7% during the 3rd quarter. Swiss National Bank now owns 454,800 shares of the semiconductor company’s stock worth $230,306,000 after buying an additional 3,200 shares during the period. Parnassus Investments LLC acquired a new position in Synopsys in the 3rd quarter valued at $633,469,000. Finally, Harvest Portfolios Group Inc. raised its stake in Synopsys by 3.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 42,121 shares of the semiconductor company’s stock valued at $21,330,000 after purchasing an additional 1,496 shares during the last quarter. Hedge funds and other institutional investors own 85.47% 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.