Maryland State Retirement & Pension System Cuts Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

Maryland State Retirement & Pension System lowered its stake in Synopsys, Inc. (NASDAQ:SNPS) by 6.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,235 shares of the semiconductor company’s stock after selling 540 shares during the period. Maryland State Retirement & Pension System’s holdings in Synopsys were worth $3,997,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Edgewood Management LLC grew its holdings in shares of Synopsys by 18.9% in the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after purchasing an additional 487,025 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Synopsys in the 4th quarter worth $199,065,000. Proficio Capital Partners LLC increased its position in shares of Synopsys by 71,578.5% in the fourth quarter. Proficio Capital Partners LLC now owns 386,347 shares of the semiconductor company’s stock valued at $187,517,000 after acquiring an additional 385,808 shares during the period. Wellington Management Group LLP raised its stake in shares of Synopsys by 32.5% during the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock valued at $531,056,000 after acquiring an additional 257,526 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt purchased a new stake in shares of Synopsys during the fourth quarter worth about $104,741,000. Institutional investors own 85.47% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Synopsys Stock Performance

SNPS stock opened at $450.28 on Thursday. The firm has a 50 day moving average price of $493.11 and a 200-day moving average price of $506.95. Synopsys, Inc. has a 52-week low of $425.73 and a 52-week high of $624.80. The firm has a market capitalization of $69.62 billion, a price-to-earnings ratio of 31.01, a PEG ratio of 3.23 and a beta of 1.16.

Insider Buying and Selling at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction dated 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 transaction, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at approximately $32,890,077.50. The trade was a 13.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Geus Aart De sold 15,705 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the sale, 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 90 days, insiders sold 47,909 shares of company stock worth $22,794,835. 0.62% of the stock is owned by insiders.

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.