Vestcor Inc Raises Position in Synopsys, Inc. (NASDAQ:SNPS)

Vestcor Inc boosted its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 7.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,017 shares of the semiconductor company’s stock after purchasing an additional 268 shares during the period. Vestcor Inc’s holdings in Synopsys were worth $1,950,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SNPS. Impax Asset Management Group plc boosted its holdings in Synopsys by 120.2% during the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock valued at $248,497,000 after acquiring an additional 267,836 shares during the period. GSA Capital Partners LLP bought a new stake in Synopsys in the third quarter valued at approximately $467,000. Aptus Capital Advisors LLC boosted its stake in shares of Synopsys by 1.5% during the third quarter. Aptus Capital Advisors LLC now owns 1,447 shares of the semiconductor company’s stock valued at $733,000 after purchasing an additional 22 shares during the period. Metis Global Partners LLC grew its holdings in shares of Synopsys by 3.4% in the third quarter. Metis Global Partners LLC now owns 7,745 shares of the semiconductor company’s stock worth $3,922,000 after purchasing an additional 256 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Synopsys by 0.9% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,341 shares of the semiconductor company’s stock worth $2,198,000 after buying an additional 37 shares during the period. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SNPS. Rosenblatt Securities reissued a “buy” rating and issued a $660.00 price target on shares of Synopsys in a report on Tuesday, February 25th. Needham & Company LLC restated a “buy” rating and set a $650.00 price target on shares of Synopsys in a report on Thursday, February 27th. Piper Sandler dropped their price objective on Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Wells Fargo & Company reduced their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Finally, 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. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $638.58.

Insider Activity

In other news, CRO Richard S. Mahoney sold 20,838 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total transaction of $10,544,236.38. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Geus Aart De sold 15,705 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the completion of the transaction, the insider now owns 116,671 shares in the company, valued at approximately $51,850,925.82. The trade was a 11.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,909 shares of company stock worth $22,794,835. Insiders own 0.62% of the company’s stock.

Synopsys Price Performance

Shares of NASDAQ SNPS opened at $446.23 on Friday. The stock has a market cap of $69.00 billion, a P/E ratio of 30.73, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16. Synopsys, Inc. has a 1 year low of $425.73 and a 1 year high of $624.80. The firm has a 50-day moving average of $495.89 and a 200 day moving average of $508.41.

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.