Edgestream Partners L.P. Makes New $4.42 Million Investment in Synopsys, Inc. (NASDAQ:SNPS)

Edgestream Partners L.P. bought a new position in shares of Synopsys, Inc. (NASDAQ:SNPS) during the third quarter, HoldingsChannel reports. The fund bought 8,722 shares of the semiconductor company’s stock, valued at approximately $4,417,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNPS. Parnassus Investments LLC bought a new stake in shares of Synopsys during the third quarter worth $633,469,000. Sustainable Growth Advisers LP bought a new stake in shares of Synopsys during the second quarter worth $572,050,000. Edgewood Management LLC grew its stake in shares of Synopsys by 18.9% during the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock worth $1,554,540,000 after buying an additional 487,025 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Synopsys by 26.5% during the third quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after buying an additional 335,993 shares during the last quarter. Finally, Impax Asset Management Group plc grew its stake in shares of Synopsys by 120.2% in the third quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock worth $248,497,000 after purchasing an additional 267,836 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

Synopsys Trading Up 2.0 %

Shares of SNPS opened at $558.49 on Friday. The stock has a market capitalization of $85.79 billion, a P/E ratio of 57.93, a price-to-earnings-growth ratio of 3.41 and a beta of 1.08. The firm’s fifty day simple moving average is $525.83 and its two-hundred day simple moving average is $545.63. Synopsys, Inc. has a 12 month low of $457.52 and a 12 month high of $629.38.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SNPS. Rosenblatt Securities reissued a “buy” rating and issued a $635.00 price objective on shares of Synopsys in a research note on Friday, August 23rd. Needham & Company LLC reissued a “buy” rating and issued a $640.00 price objective on shares of Synopsys in a research note on Tuesday, October 22nd. Robert W. Baird boosted their price objective on shares of Synopsys from $661.00 to $663.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Synopsys from $655.00 to $685.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Loop Capital began coverage on shares of Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $653.80.

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.