Caisse DE Depot ET Placement DU Quebec Buys Shares of 16,273 Synopsys, Inc. $SNPS

Key Points

• Caisse DE Depot ET Placement DU Quebec acquired 16,273 shares of Synopsys, Inc. for approximately $6,979,000 in the first quarter, indicating strong institutional interest in the semiconductor company.
• CEO Sassine Ghazi sold 11,366 shares at an average price of $457.93, reflecting a 13.70% decrease in his ownership stake, while other insiders also reported significant sales.
• Analysts maintain a positive outlook on Synopsys, with Needham & Company reaffirming a "buy" rating and raising the target price to $660.00, alongside several other analysts boosting their ratings and targets.

Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 16,273 shares of the semiconductor company's stock, valued at approximately $6,979,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings 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 period. Pictet Asset Management Holding SA increased 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 valued at $1,043,518,000 after buying an additional 673,837 shares during the period. Ameriprise Financial Inc. increased its holdings in Synopsys by 6.6% in the 1st quarter. Ameriprise Financial Inc. now owns 2,013,380 shares of the semiconductor company's stock valued at $863,500,000 after buying an additional 125,199 shares during the period. Nuveen Asset Management LLC increased its holdings in Synopsys by 12.1% in 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 buying an additional 182,115 shares during the period. Finally, Sustainable Growth Advisers LP increased its holdings 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 buying an additional 37,149 shares during the period. Institutional investors own 85.47% of the company's stock.

Synopsys Price Performance

NASDAQ SNPS traded down $13.03 on Tuesday, hitting $590.49. 704,445 shares of the company were exchanged, compared to its average volume of 1,403,279. The firm has a 50 day moving average of $585.72 and a two-hundred day moving average of $503.81. The company has a market cap of $91.62 billion, a P/E ratio of 42.52, a P/E/G ratio of 3.97 and a beta of 1.14. The company has a current ratio of 7.02, a quick ratio of 6.85 and a debt-to-equity ratio of 1.01. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73.

Insider Activity

In related news, CFO Shelagh Glaser sold 7,310 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $485.72, for a total transaction of $3,550,613.20. Following the transaction, the chief financial officer owned 15,291 shares in the company, valued at $7,427,144.52. This represents a 32.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the transaction, the executive owned 1,485 shares in the company, valued at approximately $699,746.85. The trade was a 85.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.62% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SNPS has been the topic of several analyst reports. KeyCorp boosted their price target on shares of Synopsys from $540.00 to $610.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Morgan Stanley reissued an "overweight" rating and issued a $715.00 price target (up previously from $540.00) on shares of Synopsys in a report on Monday, August 11th. Piper Sandler boosted their price target on shares of Synopsys from $615.00 to $660.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Wells Fargo & Company restated a "positive" rating on shares of Synopsys in a research note on Wednesday, August 27th. Finally, 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 target price on the stock. Twelve investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $634.64.

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.