Norges Bank Invests $583.61 Million in Synopsys, Inc. (NASDAQ:SNPS)

Norges Bank acquired a new stake in Synopsys, Inc. (NASDAQ:SNPS) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 1,202,423 shares of the semiconductor company’s stock, valued at approximately $583,608,000. Norges Bank owned approximately 0.78% of Synopsys at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNPS. Kieckhefer Group LLC bought a new position in shares of Synopsys during the 4th quarter worth approximately $27,000. Whipplewood Advisors LLC acquired a new position in Synopsys during the fourth quarter worth $33,000. Sierra Ocean LLC bought a new position in Synopsys in the fourth quarter valued at $39,000. Newbridge Financial Services Group Inc. acquired a new stake in Synopsys in the 4th quarter valued at $51,000. Finally, Versant Capital Management Inc lifted its position in Synopsys by 109.3% during the 4th quarter. Versant Capital Management Inc now owns 113 shares of the semiconductor company’s stock worth $55,000 after buying an additional 59 shares in the last quarter. 85.47% of the stock is owned by institutional investors and hedge funds.

Synopsys Stock Down 1.9 %

Synopsys stock opened at $437.95 on Friday. The company’s 50-day moving average price is $485.62 and its two-hundred day moving average price is $505.27. The stock has a market cap of $67.72 billion, a P/E ratio of 30.16, a P/E/G ratio of 3.23 and a beta of 1.16. Synopsys, Inc. has a twelve month low of $425.73 and a twelve month high of $624.80.

Insider Transactions at Synopsys

In other Synopsys news, insider Geus Aart De sold 15,705 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total value of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares of the company’s stock, valued at $51,850,925.82. This represents a 11.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CRO Richard S. Mahoney sold 20,838 shares of Synopsys 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 sale, the executive now directly owns 1,460 shares of the company’s stock, valued at $738,774.60. This represents a 93.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,909 shares of company stock worth $22,794,835. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

SNPS has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 target price on shares of Synopsys in a research report on Tuesday, February 25th. Piper Sandler lowered their price target on Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Morgan Stanley cut their price objective on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a report on Monday, February 24th. 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. Finally, Redburn Atlantic initiated coverage on shares of Synopsys in a research note on Monday, January 13th. They issued a “buy” rating and a $600.00 price target for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $638.58.

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.