Canal Capital Management LLC Takes $2.68 Million Position in Synopsys, Inc. (NASDAQ:SNPS)

Canal Capital Management LLC acquired a new position in Synopsys, Inc. (NASDAQ:SNPS) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,517 shares of the semiconductor company’s stock, valued at approximately $2,678,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kieckhefer Group LLC acquired a new stake in shares of Synopsys during the 4th quarter worth approximately $27,000. Whipplewood Advisors LLC acquired a new position in shares of Synopsys during the 4th quarter worth about $33,000. Pilgrim Partners Asia Pte Ltd bought a new position in Synopsys during the fourth quarter worth about $34,000. Sierra Ocean LLC bought a new stake in Synopsys during the 4th quarter worth approximately $39,000. Finally, Hazlett Burt & Watson Inc. increased its position in shares of Synopsys by 28.6% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 90 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 20 shares in the last quarter. 85.47% of the stock is owned by institutional investors.

Insider Activity at Synopsys

In other news, insider Geus Aart De sold 15,705 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $444.42, for a total value of $6,979,616.10. Following the completion of the sale, the insider now owns 116,671 shares of the company’s stock, valued at approximately $51,850,925.82. This represents a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $463.75, for a total value of $5,270,982.50. Following the completion of the sale, the chief executive officer now owns 70,922 shares in the company, valued at $32,890,077.50. The trade was a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SNPS has been the subject of a number of analyst reports. Wells Fargo & Company decreased 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 decreased their price target on Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Rosenblatt Securities reissued a “buy” rating and issued a $660.00 price objective on shares of Synopsys in a report on Tuesday, February 25th. Mizuho lowered their price objective on shares of Synopsys from $650.00 to $600.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Finally, KeyCorp reduced their price target on Synopsys from $690.00 to $555.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $618.31.

Synopsys Stock Performance

Shares of SNPS opened at $413.32 on Monday. The stock has a market capitalization of $63.91 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 3.23 and a beta of 1.23. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $624.80. The stock has a fifty day moving average of $446.35 and a 200-day moving average of $495.09.

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.