Atreides Management LP Makes New Investment in Synopsys, Inc. $SNPS

Key Points

• Atreides Management LP has invested approximately $65.39 million in Synopsys, Inc., acquiring 152,488 shares, which now represent about 2.0% of its total holdings.
• Multiple institutional investors have also increased their stakes in Synopsys, with Hedge funds and other institutional investors owning 85.47% of the company's stock.
• Analysts have recently raised their price targets for Synopsys, with the average consensus target price now at $634.64 and many rating the stock as a "Moderate Buy."

Atreides Management LP bought a new position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 152,488 shares of the semiconductor company's stock, valued at approximately $65,394,000. Synopsys comprises 2.0% of Atreides Management LP's portfolio, making the stock its 17th largest holding. Atreides Management LP owned about 0.10% of Synopsys at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNPS. GAMMA Investing LLC raised its holdings in shares of Synopsys by 54,286.0% in the 1st quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after acquiring an additional 1,194,292 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Synopsys in the 1st quarter worth about $341,480,000. Pictet Asset Management Holding SA increased its stake 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 valued at $1,043,518,000 after buying an additional 673,837 shares during the last quarter. Vanguard Group Inc. increased its stake in Synopsys by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 14,829,770 shares of the semiconductor company's stock valued at $6,359,747,000 after buying an additional 346,994 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. purchased a new stake in Synopsys in the 1st quarter valued at about $124,728,000. Institutional investors and hedge funds own 85.47% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Piper Sandler increased their price objective on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. The Goldman Sachs Group assumed coverage on shares of Synopsys in a research note on Thursday, July 10th. They issued a "buy" rating and a $620.00 price objective for the company. Morgan Stanley reiterated an "overweight" rating and issued a $715.00 price objective (up previously from $540.00) on shares of Synopsys in a research note on Monday, August 11th. KeyCorp increased their price objective on shares of Synopsys from $610.00 to $660.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $660.00 price objective (up previously from $650.00) on shares of Synopsys in a research note on Tuesday, July 15th. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $638.21.

Insider Buying and Selling

In related news, CEO Sassine Ghazi sold 11,366 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $42,181,951.15. This trade represents a 13.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shelagh Glaser sold 7,310 shares of the firm'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 transaction of $3,550,613.20. Following the completion of the transaction, the chief financial officer directly owned 15,291 shares of the company's stock, valued at approximately $7,427,144.52. This trade represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,686 shares of company stock valued at $14,490,903. Company insiders own 0.62% of the company's stock.

Synopsys Stock Performance

SNPS traded up $9.84 on Thursday, hitting $601.96. The company's stock had a trading volume of 1,012,740 shares, compared to its average volume of 994,262. The company's 50 day simple moving average is $592.20 and its 200-day simple moving average is $505.58. The firm has a market cap of $93.40 billion, a P/E ratio of 43.46, a price-to-earnings-growth ratio of 3.89 and a beta of 1.14. Synopsys, Inc. has a 12 month low of $365.74 and a 12 month high of $651.73. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01.

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.