ARK Investment Management LLC Reduces Position in Synopsys, Inc. (NASDAQ:SNPS)

ARK Investment Management LLC lessened its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,213 shares of the semiconductor company’s stock after selling 138 shares during the quarter. ARK Investment Management LLC’s holdings in Synopsys were worth $12,723,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SNPS. FFT Wealth Management LLC grew its stake in shares of Synopsys by 3.3% in the 4th quarter. FFT Wealth Management LLC now owns 9,689 shares of the semiconductor company’s stock valued at $4,703,000 after purchasing an additional 310 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Synopsys by 167.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 94,138 shares of the semiconductor company’s stock valued at $45,691,000 after purchasing an additional 58,980 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Synopsys by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,086,249 shares of the semiconductor company’s stock valued at $527,222,000 after purchasing an additional 3,533 shares during the last quarter. Brown Financial Advisors purchased a new position in shares of Synopsys in the 4th quarter valued at approximately $756,000. Finally, Pine Valley Investments Ltd Liability Co grew its stake in shares of Synopsys by 155.3% in the 4th quarter. Pine Valley Investments Ltd Liability Co now owns 1,856 shares of the semiconductor company’s stock valued at $901,000 after purchasing an additional 1,129 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.

Insider Buying and Selling

In other news, CRO Richard S. Mahoney sold 20,838 shares of the business’s 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 completion of the transaction, the executive now directly owns 1,460 shares of the company’s stock, valued at $738,774.60. The trade was a 93.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.66% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler lowered their target price on Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Robert W. Baird decreased their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. Wells Fargo & Company decreased their price target on Synopsys from $570.00 to $540.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Redburn Atlantic started coverage on Synopsys in a research note on Monday, January 13th. They issued a “buy” rating and a $600.00 price target on the stock. Finally, Loop Capital started coverage on Synopsys in a research note on Monday, November 11th. They issued a “buy” rating and a $675.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Synopsys currently has an average rating of “Moderate Buy” and an average target price of $639.58.

Synopsys Stock Performance

Shares of SNPS stock opened at $457.95 on Wednesday. The stock has a fifty day moving average price of $508.09 and a 200 day moving average price of $516.89. The stock has a market cap of $70.79 billion, a PE ratio of 31.54, a P/E/G ratio of 3.23 and a beta of 1.12. Synopsys, Inc. has a 1 year low of $457.00 and a 1 year high of $624.80.

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.