1248 Management LLC Trims Holdings in Synopsys, Inc. $SNPS

1248 Management LLC lowered its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 35.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,809 shares of the semiconductor company’s stock after selling 977 shares during the quarter. 1248 Management LLC’s holdings in Synopsys were worth $776,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new stake in Synopsys in the fourth quarter valued at $29,000. Cornerstone Planning Group LLC raised its position in Synopsys by 275.0% in the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 44 shares during the period. Saudi Central Bank acquired a new stake in shares of Synopsys in the first quarter valued at $26,000. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Synopsys by 441.7% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 53 shares in the last quarter. Finally, WPG Advisers LLC acquired a new stake in shares of Synopsys in the first quarter valued at $34,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Activity at Synopsys

In other news, CRO Richard S. Mahoney sold 9,010 shares of the firm’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 of the company’s stock, valued at $699,746.85. This trade represents a 85.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the sale, the chief financial officer owned 15,291 shares in the company, valued at approximately $7,427,144.52. This represents a 32.34% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SNPS. Needham & Company LLC reaffirmed a “buy” rating and issued a $660.00 price objective (up from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Rosenblatt Securities boosted their target price on Synopsys from $625.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Wells Fargo & Company reissued a “positive” rating on shares of Synopsys in a research note on Wednesday. Piper Sandler boosted their target price on Synopsys from $615.00 to $660.00 and gave the stock an “overweight” rating in a research note on Monday, July 21st. Finally, The Goldman Sachs Group started coverage on Synopsys in a research note on Thursday, July 10th. They set a “buy” rating and a $620.00 target price for the company. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $634.64.

Synopsys Stock Down 1.4%

Synopsys stock opened at $603.52 on Monday. Synopsys, Inc. has a fifty-two week low of $365.74 and a fifty-two week high of $651.73. The company has a debt-to-equity ratio of 1.01, a quick ratio of 6.85 and a current ratio of 7.02. The company has a market capitalization of $93.64 billion, a P/E ratio of 43.58, a PEG ratio of 3.97 and a beta of 1.14. The stock has a 50-day simple moving average of $583.07 and a 200-day simple moving average of $503.25.

About Synopsys

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.