Truist Financial Corp Purchases 413 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Truist Financial Corp boosted its position in Synopsys, Inc. (NASDAQ:SNPS) by 2.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,766 shares of the semiconductor company’s stock after purchasing an additional 413 shares during the quarter. Truist Financial Corp’s holdings in Synopsys were worth $9,108,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. State Street Corp boosted its stake in Synopsys by 1.7% in the 3rd quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after purchasing an additional 119,057 shares during the period. Geode Capital Management LLC lifted its position in shares of Synopsys by 1.9% during the 3rd 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 period. Edgewood Management LLC lifted its position in shares of Synopsys by 18.9% during the 3rd 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 period. Van ECK Associates Corp lifted its position in shares of Synopsys by 26.5% during the 3rd 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 period. Finally, Parnassus Investments LLC bought a new stake in shares of Synopsys during the 3rd quarter valued at $633,469,000. 85.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction dated 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 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 document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.66% of the company’s stock.

Synopsys Stock Down 3.9 %

Shares of SNPS stock opened at $474.84 on Friday. Synopsys, Inc. has a twelve month low of $457.52 and a twelve month high of $629.38. The business has a fifty day simple moving average of $510.88 and a 200 day simple moving average of $517.44. The company has a market cap of $73.40 billion, a P/E ratio of 32.70, a P/E/G ratio of 3.28 and a beta of 1.12.

Analysts Set New Price Targets

SNPS has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $640.00 target price on shares of Synopsys in a research report on Thursday, December 5th. Piper Sandler cut their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating for the company in a research report on Friday, December 6th. Robert W. Baird cut their target price on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Rosenblatt Securities reiterated a “buy” rating and set a $635.00 target price on shares of Synopsys in a research report on Wednesday, December 4th. Finally, Redburn Atlantic began coverage on Synopsys in a research report on Monday, January 13th. They set a “buy” rating and a $600.00 target price for the company. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Synopsys currently has an average rating of “Moderate Buy” and a consensus price target of $641.82.

Synopsys 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.