Huntington National Bank Trims Stake in Synopsys, Inc. (NASDAQ:SNPS)

Huntington National Bank decreased its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 22.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,783 shares of the semiconductor company’s stock after selling 5,203 shares during the period. Huntington National Bank’s holdings in Synopsys were worth $8,631,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Synopsys by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,482,776 shares of the semiconductor company’s stock worth $7,029,360,000 after buying an additional 120,575 shares in the last quarter. State Street Corp lifted its stake in shares of Synopsys by 1.7% during the third quarter. State Street Corp now owns 6,948,473 shares of the semiconductor company’s stock valued at $3,518,637,000 after buying an additional 119,057 shares during the period. Geode Capital Management LLC boosted its position in Synopsys by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,357,165 shares of the semiconductor company’s stock worth $1,625,230,000 after acquiring an additional 75,298 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in Synopsys by 3.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,758,759 shares of the semiconductor company’s stock worth $853,631,000 after acquiring an additional 60,121 shares during the period. Finally, Norges Bank acquired a new position in Synopsys in the 4th quarter valued at $583,608,000. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Price Performance

NASDAQ:SNPS opened at $438.55 on Thursday. Synopsys, Inc. has a 1-year low of $422.65 and a 1-year high of $624.80. The stock has a market cap of $67.81 billion, a P/E ratio of 30.20, a PEG ratio of 3.23 and a beta of 1.16. The firm has a 50-day moving average of $479.67 and a two-hundred day moving average of $504.45.

Insider Activity at Synopsys

In other news, CEO Sassine Ghazi sold 11,366 shares of the business’s 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 directly owns 70,922 shares in the company, valued at approximately $32,890,077.50. The trade was a 13.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $10,544,236.38. Following the transaction, the executive now 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. Over the last 90 days, insiders sold 47,909 shares of company stock valued at $22,794,835. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SNPS. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price objective on shares of Synopsys in a research report on Thursday, February 27th. Morgan Stanley lowered their price target on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Piper Sandler cut their price objective on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Rosenblatt Securities reissued a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research report on Tuesday, February 25th. Finally, Robert W. Baird dropped their price target on shares of Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $638.58.

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.