Alkeon Capital Management LLC Sells 359 Shares of Synopsys, Inc. $SNPS

Alkeon Capital Management LLC lessened its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 0.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 668,278 shares of the semiconductor company’s stock after selling 359 shares during the quarter. Synopsys accounts for 0.6% of Alkeon Capital Management LLC’s investment portfolio, making the stock its 28th biggest position. Alkeon Capital Management LLC’s holdings in Synopsys were worth $286,591,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SNPS. Generation Investment Management LLP purchased a new position in shares of Synopsys in the first quarter worth about $240,491,000. Federation des caisses Desjardins du Quebec grew its position in Synopsys by 2.8% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 8,603 shares of the semiconductor company’s stock worth $3,689,000 after acquiring an additional 238 shares during the last quarter. Atreides Management LP purchased a new position in Synopsys in the 1st quarter worth approximately $65,394,000. EP Wealth Advisors LLC lifted its position in Synopsys by 37.9% in the first quarter. EP Wealth Advisors LLC now owns 2,911 shares of the semiconductor company’s stock valued at $1,248,000 after purchasing an additional 800 shares during the last quarter. Finally, TIG Advisors LLC grew its holdings in shares of Synopsys by 156.2% in the first quarter. TIG Advisors LLC now owns 13,658 shares of the semiconductor company’s stock worth $5,857,000 after purchasing an additional 8,327 shares during the last quarter. 85.47% of the stock is currently owned by hedge funds and other institutional investors.

Synopsys Price Performance

SNPS opened at $603.52 on Tuesday. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $651.73. The company has a market cap of $93.64 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 3.97 and a beta of 1.14. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. The stock has a fifty day simple moving average of $585.72 and a two-hundred day simple moving average of $503.81.

Analysts Set New Price Targets

Several brokerages have recently commented on SNPS. Bank of America upped their price objective on shares of Synopsys from $575.00 to $625.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Morgan Stanley reiterated an “overweight” rating and issued a $715.00 price objective (up previously from $540.00) on shares of Synopsys in a report on Monday, August 11th. Piper Sandler lifted their price objective on Synopsys from $615.00 to $660.00 and gave the stock an “overweight” rating in a research report on Monday, July 21st. The Goldman Sachs Group started coverage on Synopsys in a research note on Thursday, July 10th. They issued a “buy” rating and a $620.00 price target for the company. Finally, Wells Fargo & Company reissued a “positive” rating on shares of Synopsys in a research report on Wednesday, August 27th. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $634.64.

Insider Transactions at Synopsys

In other Synopsys news, CFO Shelagh Glaser sold 7,310 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the completion of the transaction, the chief financial officer owned 15,291 shares of the company’s stock, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Richard S. Mahoney sold 9,010 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the completion of the sale, the executive directly owned 1,485 shares in the company, valued at approximately $699,746.85. This represents a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by corporate 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.