State of Michigan Retirement System Acquires 200 Shares of Synopsys, Inc. (NASDAQ:SNPS)

State of Michigan Retirement System lifted its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.5% in the 4th quarter, Holdings Channel reports. The firm owned 44,327 shares of the semiconductor company’s stock after acquiring an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Synopsys were worth $21,515,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Kieckhefer Group LLC bought a new stake in Synopsys during the fourth quarter valued at approximately $27,000. Whipplewood Advisors LLC purchased a new stake in shares of Synopsys during the 4th quarter valued at $33,000. Hazlett Burt & Watson Inc. lifted its holdings in shares of Synopsys by 40.0% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 70 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 20 shares during the last quarter. Sierra Ocean LLC purchased a new position in Synopsys in the fourth quarter worth $39,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Synopsys in the fourth quarter valued at $51,000. 85.47% of the stock is currently owned by institutional investors.

Synopsys Stock Up 0.5 %

Shares of Synopsys stock opened at $445.47 on Wednesday. The firm has a market cap of $68.88 billion, a PE ratio of 30.68, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. The company’s fifty day simple moving average is $504.06 and its two-hundred day simple moving average is $514.02. Synopsys, Inc. has a 12-month low of $429.77 and a 12-month high of $624.80.

Insider Buying and Selling

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was 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 approximately $32,890,077.50. This trade represents a 13.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Richard S. Mahoney sold 20,838 shares of the business’s stock in a transaction that occurred 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 transaction, the executive now directly owns 1,460 shares in the company, valued at $738,774.60. This trade represents a 93.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Robert W. Baird dropped their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Redburn Atlantic began coverage on Synopsys in a research report on Monday, January 13th. They issued a “buy” rating and a $600.00 target price for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research note on Tuesday, February 25th. Loop Capital initiated coverage on shares of Synopsys in a research note on Monday, November 11th. They set a “buy” rating and a $675.00 price target on the stock. Finally, Piper Sandler cut their price objective on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $638.58.

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.