Congress Asset Management Co. Sells 3,101 Shares of Synopsys, Inc. $SNPS

Key Points

• Congress Asset Management Co. reduced its stake in Synopsys, Inc. by 1.1%, selling 3,101 shares and now holding approximately 273,864 shares valued at $140 million.
• Analysts have lowered their price targets for Synopsys, with Morgan Stanley reducing its target from $715 to $510, indicating a cautious outlook on the stock.
• Insider transactions show significant sales, including CEO Sassine Ghazi selling over 11,000 shares, suggesting potential insider confidence issues, as both the CEO and CFO decreased their positions substantially.

Congress Asset Management Co. lessened its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 273,864 shares of the semiconductor company's stock after selling 3,101 shares during the quarter. Synopsys makes up about 1.0% of Congress Asset Management Co.'s portfolio, making the stock its 25th biggest position. Congress Asset Management Co. owned approximately 0.18% of Synopsys worth $140,404,000 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. Cornerstone Planning Group LLC boosted its position in Synopsys by 275.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after acquiring an additional 44 shares in the last quarter. Saudi Central Bank bought a new stake in Synopsys during the 1st quarter valued at $26,000. Clal Insurance Enterprises Holdings Ltd boosted its position in Synopsys by 441.7% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 53 shares in the last quarter. Ameriflex Group Inc. bought a new stake in Synopsys during the 4th quarter valued at $29,000. Finally, WPG Advisers LLC purchased a new stake in shares of Synopsys during the 1st quarter valued at $34,000. Institutional investors own 85.47% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on SNPS shares. Morgan Stanley decreased their price objective on Synopsys from $715.00 to $510.00 and set an "overweight" rating for the company in a report on Thursday, September 11th. Robert W. Baird reiterated a "neutral" rating and set a $535.00 price objective (down previously from $670.00) on shares of Synopsys in a report on Wednesday, September 10th. Needham & Company LLC decreased their price objective on Synopsys from $660.00 to $550.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. JPMorgan Chase & Co. decreased their price objective on Synopsys from $685.00 to $600.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Finally, Wells Fargo & Company decreased their price objective on Synopsys from $630.00 to $550.00 and set an "equal weight" rating for the company in a report on Wednesday, September 10th. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $585.33.

Insider Transactions at Synopsys

In other Synopsys news, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the completion of the transaction, the chief executive officer owned 71,615 shares in the company, 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 SEC, which is accessible through this link. Also, CFO Shelagh Glaser sold 3,655 shares of Synopsys stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $609.77, for a total value of $2,228,709.35. Following the transaction, the chief financial officer owned 15,317 shares of the company's stock, valued at $9,339,847.09. The trade was a 19.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,894 shares of company stock worth $16,760,783. 0.62% of the stock is owned by insiders.

Synopsys Stock Performance

Shares of SNPS opened at $487.20 on Friday. The stock has a 50-day moving average of $573.65 and a two-hundred day moving average of $507.65. Synopsys, Inc. has a one year low of $365.74 and a one year high of $651.73. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 1.62. The stock has a market cap of $90.50 billion, a P/E ratio of 38.24, a P/E/G ratio of 5.28 and a beta of 1.14.

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.

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