Evergreen Capital Management LLC Cuts Holdings in Synopsys, Inc. $SNPS

Key Points

• Evergreen Capital Management LLC reduced its stake in Synopsys, Inc. by 26.7%, bringing its ownership down to 1,420 shares valued at approximately $609,000 as of the latest SEC filing.
• Several institutional investors have increased their holdings in Synopsys, with notable increases from The Manufacturers Life Insurance Company, Canada Pension Plan Investment Board, and Parnassus Investments LLC.
• Analysts maintain a positive outlook for Synopsys, with Needham & Company reaffirming a "buy" rating and increasing the price target to $660, while the average price target among analysts is currently around $634.64.

Evergreen Capital Management LLC decreased its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 26.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,420 shares of the semiconductor company's stock after selling 517 shares during the period. Evergreen Capital Management LLC's holdings in Synopsys were worth $609,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in shares of Synopsys by 2.8% during the first quarter. The Manufacturers Life Insurance Company now owns 137,382 shares of the semiconductor company's stock valued at $58,935,000 after purchasing an additional 3,704 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Synopsys by 18.1% during the first quarter. Canada Pension Plan Investment Board now owns 53,039 shares of the semiconductor company's stock valued at $22,746,000 after purchasing an additional 8,130 shares in the last quarter. Parnassus Investments LLC grew its position in shares of Synopsys by 15.5% during the first quarter. Parnassus Investments LLC now owns 1,363,310 shares of the semiconductor company's stock valued at $584,655,000 after purchasing an additional 182,642 shares in the last quarter. WPG Advisers LLC purchased a new position in shares of Synopsys during the first quarter valued at about $34,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Synopsys during the first quarter valued at about $1,450,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Synopsys Stock Down 1.4%

Shares of NASDAQ SNPS opened at $603.52 on Monday. 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 company has a market cap of $93.64 billion, a P/E ratio of 43.58, a PEG ratio of 3.97 and a beta of 1.14. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $651.73. The firm has a 50-day simple moving average of $583.07 and a two-hundred day simple moving average of $503.25.

Analysts Set New Price Targets

SNPS has been the subject of a number of research analyst reports. Needham & Company LLC restated a "buy" rating and set a $660.00 price objective (up previously from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. The Goldman Sachs Group began coverage on shares of Synopsys in a report on Thursday, July 10th. They issued a "buy" rating and a $620.00 price target for the company. Wells Fargo & Company reaffirmed a "positive" rating on shares of Synopsys in a report on Wednesday. KeyCorp increased 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. Finally, Bank of America increased their price target on shares of Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $634.64.

Insider Activity

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

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.

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