Adage Capital Partners GP L.L.C. Reduces Position in Synopsys, Inc. $SNPS

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Synopsys, Inc. by 33.5%, selling 26,251 shares and leaving them with 52,031 shares worth approximately $22.3 million.
• Other investors, including Cornerstone Planning Group LLC and Saudi Central Bank, also adjusted their positions, reflecting strong institutional interest with 85.47% of the stock owned by institutional investors.
• Synopsys shares are currently trading at <$strong>601.96, showing significant price movements with a one-year range between <$strong>365.74 and <$strong>651.73.

Adage Capital Partners GP L.L.C. lessened its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 33.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,031 shares of the semiconductor company's stock after selling 26,251 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Synopsys were worth $22,313,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of SNPS. Vanguard Group Inc. raised its holdings in shares of Synopsys by 2.4% during the first quarter. Vanguard Group Inc. now owns 14,829,770 shares of the semiconductor company's stock valued at $6,359,747,000 after acquiring an additional 346,994 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in Synopsys by 38.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock worth $1,043,518,000 after purchasing an additional 673,837 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Synopsys by 6.6% during the 1st quarter. Ameriprise Financial Inc. now owns 2,013,380 shares of the semiconductor company's stock worth $863,500,000 after acquiring an additional 125,199 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Synopsys by 12.1% during the 4th quarter. Nuveen Asset Management LLC now owns 1,691,501 shares of the semiconductor company's stock valued at $820,987,000 after purchasing an additional 182,115 shares during the last quarter. Finally, Sustainable Growth Advisers LP grew its position in Synopsys by 2.4% in the 1st quarter. Sustainable Growth Advisers LP now owns 1,575,732 shares of the semiconductor company's stock valued at $675,753,000 after acquiring an additional 37,149 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

Insiders Place Their Bets

In related news, CRO Richard S. Mahoney sold 9,010 shares of Synopsys stock in a transaction 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 transaction, the executive owned 1,485 shares in the company, valued at approximately $699,746.85. This trade represents a 85.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $589.01, for a total value of $6,694,687.66. Following the completion of the transaction, the chief executive officer directly owned 71,615 shares in the company, valued at $42,181,951.15. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SNPS. Needham & Company LLC reaffirmed a "buy" rating and set a $660.00 target price (up from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Morgan Stanley restated an "overweight" rating and issued a $715.00 target price (up previously from $540.00) on shares of Synopsys in a research note on Monday, August 11th. Piper Sandler raised their price objective on Synopsys from $615.00 to $660.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. KeyCorp raised their price target on shares of Synopsys from $610.00 to $660.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Finally, Rosenblatt Securities raised their price target on shares of Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Synopsys has an average rating of "Moderate Buy" and a consensus target price of $638.21.

Synopsys Price Performance

Shares of NASDAQ SNPS traded up $10.94 on Monday, hitting $609.08. The company's stock had a trading volume of 1,728,430 shares, compared to its average volume of 1,404,517. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $651.73. The company has a market capitalization of $94.51 billion, a price-to-earnings ratio of 43.98, a price-to-earnings-growth ratio of 3.93 and a beta of 1.14. The company has a debt-to-equity ratio of 1.01, a current ratio of 7.02 and a quick ratio of 6.85. The stock has a 50 day moving average of $594.11 and a 200-day moving average of $506.20.

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.